A bankruptcy court judge has blessed key portions of a restructuring plan for the famous Northwest retailer Harry David. The decision increases the likelihood the Medford-based company will survive, but its pension plan may not.
Harry David resolved the objections from its biggest creditors to a loan and stock offering it will use to exit bankruptcy. The 100-year-old Oregon icon still awaits a judge?s approval to jettison its pension plan.
Lake Oswego bankruptcy expert Matt Goldberg says the company?s lawyers portray the pension termination as a critical choice.
Matt Goldberg: ?Either the pension benefits go away or this whole bankruptcy case and whole company are at risk of falling apart forever.?
In a court filing, Harry David?s attorneys assert that ?the hardship on employees or retirees will be very limited.? That?s because the federal Pension Benefit Guaranty Corp. would take over paying benefits to about 3000 active, retired or former workers.
The gourmet food and gift company hopes to emerge from bankruptcy before the crucial holiday sales season.
Harry David:
http://www.harryanddavid.com
Harry David Corporate Site
http://www.hndcorp.com/
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Article Source: http://news.opb.org/article/bankruptcy-court-gives-blessing-harry-david-financing/
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