Lowe’s Completes Orchard Supply Hardware Acquisition

Lowe’s completed acquisition of Orchard Supply Hardware’s majority of assets for approximately $205 million. Orchard will continue to operate as a separate business. Goldman Sachs acted as financial advisor.

Great American Begins Liquidating Nine Orchard Stores

Great American Group is managing closing sales at nine additional Orchard locations. Liquidation sales are already underway at eight other OSH locations throughout California.

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.

Orchard Supply Files Chapter 11, Lowe’s Bids for Assets

Lowe’s has entered into an asset purchase agreement with Orchard Supply Hardware, which filed Chapter 11, in a transaction expected to be consummated under a Section 363 subject to an auction and court approval.

Term Loan Lenders Extend Orchard Supply’s Agreement Date

Orchard Supply Hardware said based on discussions with the company’s term loan holders, the previous date to reach an agreement with respect to a transaction to address the company’s capital structure has been extended to June 30, 2013.

Orchard Supply Readies For May 1 Restructuring Deadline

The Wall Street Journal reported that Orchard Supply Hardware Stores has hired restructuring attorneys at DLA Piper and financial advisor FTI consulting as it readies for a term loan restructuring deadline of May 1, 2013.