August 30, 2011
MEDFORD, Ore. — One of the largest companies in Southern Oregon is on track to emerge from bankruptcy in less than a month.
Harry & David announced today a U.S. Bankruptcy Court has approved the company’s reorganization plan. It’s now hoping to emerge from Chapter 11 bankruptcy protection by mid-September.
The reorganization plan allows Harry & David to convert its $200 million of outstanding public notes into equity. It also includes an equity capital raise, generating $55 million in equity financing upon emerging from Chapter 11.
The company also has a $100 million revolving loan commitment to finance its operations exiting bankruptcy. Harry & David filed for Chapter 11 protection earlier this year.