Business Services Industry
a bankruptcy for all seasons.(Focus: Corporate Restructuring)
Crain's Chicago Business, July, 2005 by Beau, Christina Le
Byline: Christina Le Beau The reorganization of Spiegel Inc., formerly based in Downers Grove, is being hailed as a model Chapter 11 reorganization. The company's exit plan, approved in May, creates a new company, Eddie Bauer Holdings Inc., to be owned by Spiegel's creditors and based in Redmond, Wash.-home of Spiegel's Eddie Bauer subsidiary.
Here's how Spiegel's restructuring team, led by interim CEO William Kosturos, managed to pay its creditors 91 cents for every dollar the company owed pre-Chapter 11. * Quick DIP The day it filed for bankruptcy protection in March 2003, the company secured a $400-million debtor-in-possession (DIP) loan. The company never used the loan, instead selling assets to raise cash, but it helped stabilize Spiegel's trade credit....
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