Orchard Brands has filed for bankruptcy, Reuters reports. The U.S. apparel and home products marketer has signed a pre-negotiated deal with its lenders to reduce the company’s debt by about $420 million. Orchard Brands has sought a bankruptcy court approval for a $140 million debtor-in-possession loan to continue operations while in bankruptcy. The company has already received a commitment from its current lenders to provide up to $120 million in exit financing.
Click here for the story from Reuters.
Click here for the additional coverage from Bloomberg.