LNT GOB sales seem to leave little for creditors
Staff Staff -- Home Textiles Today, March 4, 2009
New York – Linens Holding Company, the entity that owned now-defunct Linens ’n Things, took in $172 million in sales receipts and tenant allowances from Nov. 23, 2008 to Jan. 3, according to a March 2 filing with the Securities and Exchange Commission.
When going out of business sales began in October, the company had $650 million in secured debt outstanding. A consortium of six liquidators that won the bid to conduct the sales paid Linens $200 million in October with additional amounts to be paid as the GOB sales progressed. Cash payouts go first to secured lenders as well as note holders.
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