June 4, 2019
Floral delivery service FTD Companies Inc., headquartered in Downers Grove, IL, said Monday it had filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. Deliveries are continuing as usual as the case proceeds.
“With the advice and support of our outside advisors, we have initiated this court-supervised restructuring process to provide an orderly forum to facilitate sales of our businesses as going concerns, and to enable us to address a near-term debt maturity,” said FTD CEO Scott Levin. The Chapter 11 filing comes after a strategic review of FTD’s options.
The company has received commitments for up to approximately $94.5 million in debtor-in-possession financing from its existing lenders. Pending approval by the court, this financing, combined with cash generated from ongoing operations, will be used to support the business during the court-supervised restructuring process.
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