WSJ: Orchard CFO Says Lenders Helped Boost Lowe’s Bid
The Wall Street Journal reported that a competing bid from Orchard Supply Hardware’s lenders helped push Lowe’s offer for the hardware chain’s assets to $205 million from $190 million, citing court testimony from Orchard’s chief financial officer Chris D. Newman.
The article noted that Newman’s testimony came in a battle over Orchard’s $176.3 million bankruptcy-financing package, which he said helped Orchard gain the confidence of its vendors in the days after its bankruptcy filing but which unsecured creditors say is unnecessary and expensive.
To read the entire Wall Street Journal story, click here.
Previously on abfjournal: Orchard Supply Files Chapter 11, Lowe’s Bids for Assets, June 17, 2013