LNT GOB sales seem to leave little for creditors
March 4, 2009-- Home Textiles Today,
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.
Related Content By Author
Industry Related Content
Online Moves From Afterthought To Main Thought For Textiles Suppliers