The United States Bankruptcy Court for the District of Delaware has confirmed the plan of organization filed by the At Home Group, readying the home specialty retailer’s emergence from bankruptcy in the coming weeks, the company reported.
Under the terms of the plan, At Home will emerge from the bankruptcy process owned by a group of its lenders including funds affiliated with Redwood Capital Management, Farallon Capital Management and Anchorage Capital Advisors. The company reported it will have eliminated substantially all of its almost $2 billion in funded debt and have access to $500 million under an asset-based loan.
At Home entered Chapter 11 bankruptcy protection in June.
“We are pleased to have reached this important milestone in our efforts to position At Home for future success,” said At Home CEO Brad Weston. “Thanks to the hard work of our team over the last few months, we have now accomplished all that we set out to achieve at the beginning of this process. Having received this approval, we are one step closer to emerging from our court-supervised process with a fully de-levered balance sheet, a more profitable operating model and new financial resources to invest in our strategic initiatives.”
Weston added At Home stores continue to execute company initiatives as it prepares for the holiday season. The company currently is operating what it dubbed the Spooky Sale across a range of product categories from indoor and outdoor decor to kitchen and entertaining items.
