BEVERLY, Mass.–(BUSINESS WIRE)–Orchard Brands announced today that the U.S. Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization, setting the stage for emergence from Chapter 11, which is expected to occur before the end of April, 2011.
“Today’s ruling marks the last major milestone in advance of the Company’s emergence from Chapter 11, and represents the culmination of our restructuring efforts,” said Neale Attenborough, Orchard Brands’ Chairman and Chief Executive Officer. “Our approved Plan, which reduces our debt by over half and gives us access to significant new capital, will enable Orchard Brands to emerge from this process with a financial structure that firmly positions us for long-term success. Thanks to the strong support of our vendor partners, lenders, and the extraordinary work of our associates, we have moved through the restructuring process very quickly, and are on track for a successful exit.”
More information about the Company’s reorganization case is available on the Company’s Web site at www.orchardbrands.com.
The Company is being advised by Kirkland & Ellis LLP, its legal counsel, and Alvarez & Marsal and Moelis & Company, its financial advisors.
ABOUT “ORCHARD BRANDS”
“Orchard Brands” is a leading, multi-channel marketer of apparel and home products focused on serving the needs of the rapidly growing market segment of women and men above the age of fifty-five. Through its 17 brands the Company provides quality products to consumers through the catalog, Internet and retail channels, with a relentless focus on delivering superior service.
Forward-looking statements
This press release, as well as other statements made by the Company may contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise.