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Creditors approve Durham Furniture's restructuring plan

Bedroom producer set to exit bankruptcy in April

Michael Knell -- Furniture Today, April 1, 2009

DURHAM, Ontario — Creditors have approved Durham Furniture's restructuring plan, which should enable the solid-wood bedroom specialist to leave court-ordered bankruptcy protection sometime in early April.

According to a statement issued by the company, 73% of creditors voted in favor of the plan, as both suppliers and former employees agreed to a distribution of about 8% of the monies owed.

"The positive vote allows Durham Furniture to complete the final stage of its restructuring, including an injection of new equity and a new lending agreement," the statement said.

If the court approves the plan after a hearing scheduled for April 9, the payout to creditors will proceed in early May.

Durham sought protection under the Companies' Creditors Arrangement Act in early January of last year.

"As a result of the terrific support of employees, customers and suppliers, Durham has been able to show that it has a viable business model that will allow the company to continue to be an important part of the Durham community," said COO Wayne Brohman.

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