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Brookstone's Unsecured Creditors Blast $96M DIP Loan

Law360, Wilmington (April 22, 2014, 10:22 PM EDT) -- Unsecured creditors of bankrupt Brookstone Holdings Corp. objected in Delaware bankruptcy court Monday to the specialty retailer’s proposed $96.3 million debtor-in-possession facility, contending that the package benefits the lenders while burdening the company with fees and expenses.

The official committee of unsecured creditors took issue with a $36.3 million tranche of the DIP facility furnished by a group of Brookstone's second-lien bondholders, arguing that it allows lenders to roll up $30 million of their prepetition notes in exchange for providing a disproportionately small amount of new money.

In an objection filed in Delaware bankruptcy court, the committee said it recognizes that...

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April 3, 2014

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