Durham's creditors approve plan
Michael J. Knell -- Furniture Today, April 6, 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 Wayne Brohman, chief operating officer.
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