Harry and David Holdings Inc. has filed a joint plan of reorganization in hopes to salvage the company and exit bankruptcy, according to the Portland Business Journal.
Harry and David, a Medford-based specialty foods and gifts retailer, had been experiencing a declining revenue and ownership changes for years now, the Portland Business Journal reported.
The reorganization plan calls for the company to convert $200 million of outstanding public notes into equity in the reorganized company. The company has also secured a $100 million revolving loan commitment to finance operations once they emerge from bankruptcy.
A hearing for the official reorganization plan is expected to take place in June.
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