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Company Hopes to Get Operations Running Post-Bankruptcy

Just in time for the holidays, a famous fruit gift box company hopes to get back up and running after winning approval of its business bankruptcy.

The company, which has been in operation since 1930, went through a lengthy bankruptcy process that involved several rounds of negotiations with its investors. After presenting the final settlement and recovery plan to a judge Delaware, the company was given tentative approval. The bankruptcy judge will allow up to $200 million in debts to be erased if the senior shareholders get complete control of the company. While this is great news for the company itself, senior members are concerned about one creditor that has made demands of its own.

The lender is owed $36 million from the company, making it one of the largest creditors listed on bankruptcy documents. If the gift box company agrees to its claim of $36 million, the company will terminate the pensions of both past and present employees.

Ensuring that the company will be able to continue operations into the holiday season, its original lenders have agreed to continue financing it after it leaves Chapter 11 bankruptcy protection.

If you have questions about filing for Chapter 11 in Illinois, take the time to contact a Chicago business bankruptcy lawyer from our law office who can address your concerns and offer insight.
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