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Orchard Brands Unit Wins Approval of Reorganization Plan

"A unit of Golden Gate Capital Corp.’s Orchard Brands won court approval of a restructuring plan that will eliminate more than $400 million in debt.

U.S. Bankruptcy Judge Kevin Gross approved Appleseed’s Intermediate Holdings LLC plan at a hearing today in Wilmington, Delaware. Gross said the reorganization 'really is an excellent result,' and that 'all or most of the 4,000 jobs will be preserved.'

The plan, which had lenders’ support prior to the bankruptcy filing, 'eliminates more than $400 million in indebtedness,' Joshua A. Sussberg, a lawyer for Appleseed’s, told Gross."

This article appeared in its entirety in the April 14, 2011 edition of Bloomberg News.