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.
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