Court overrules Enesco sale objection.(U.S. Bankruptcy Court for the Northern District of Illinois)(Brief article)

Home Accents Today, February, 2007

Staff

The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, overruled all unresolved objections to Enesco's motion for relief, including that filed by an ad hoc committee of Enesco stockholders. The Court approved the proposed bidding procedures, and held that any qualified bidder must submit a bid by Feb. 12. Under the existing offer, an affiliate of private equity firm Tinicum Capital Partners II LP would forgive the company's secured debt, take on certain unsecured debt, and pay $600,000 in cash, but Enesco shareholders would not receive any distribution. If an auction is necessary, it will be held Feb. 14.

An ad hoc committee of equity holders had filed an objection to the sale of Enesco Group's business, operations...

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