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Industry: Email Alert RSS FeedCard and party retailer out of Ch. 11 - Market Watch - Factory Card & Party Outlet emerges from bankruptcy protection - Brief Article
DSN Retailing Today, April 22, 2002
NAPERVILLE, ILL. -- Factory Card & Party Outlet has emerged from Chapter 11 bankruptcy. The 172-store retailer obtained a $40 million credit facility from its existing lender, Wells Fargo Retail Finance. Under terms of an amended reorganization plan, within 60 days of the company's emergence from Chapter 11, most of its general unsecured creditors will share receipt of at least 90% of the common stock of the reorganized company and cash distributions of $1.0 million.
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In addition, creditors will receive $2.6 million, three years from emergence, subject to certain prepayment provisions.
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COPYRIGHT 2002 Gale Group
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