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Orchard Supply Hardware Stores Corp Acquisition Agreement With Lowe's Companies Inc as Part Voluntary Chapter 11 Filing


Monday, 17 Jun 2013 01:00am EDT 

Orchard Supply Hardware Stores Corp announced that it has reached an agreement through which Lowe's Companies Inc will acquire the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard`s supplier partners. To facilitate the sale and restructure its balance sheet, Orchard has filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The agreement with Lowe`s comprises the initial stalking horse bid in the Court-supervised auction process under Section 363 of the Bankruptcy Code. Under the terms of the agreement, Lowe`s would acquire no less than 60 of Orchard`s stores, based on further due diligence on the store locations. Orchard Supply Hardware Stores expects to complete the process in approximately 90 days, pending receipt of the necessary approvals from regulators and the Bankruptcy Court. Orchard fully expects to operate its overall business and the vast majority of its stores as usual during its financial restructuring. To this end, Orchard Supply Hardware Stores has secured commitments for $177 million in debtor-in-possession (DIP) financing from Wells Fargo Bank, Orchard Supply Hardware Stores' existing ABL lender, and its Term Loan Lenders which, in addition to Orchard`s ongoing cash flow, will ensure it is able to continue meeting its financial obligations throughout the Chapter 11 case. 

Company Quote

66.9
0.28 +0.42%
19 Dec 2014