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Lenox Files for Bankruptcy

By Staff -- Gifts and Dec, 12/1/2008 12:00:00 AM

Eden Prairie, MN —

Tabletop and giftware vendor Lenox Group filed for Chapter 11 bankruptcy. The company plans to file a variety of first day motions with the Court that, if approved, would allow Lenox to continue to conduct business without interruption. Lenox will seek Court approval for a new $85 million debtor-in-possession financing facility to pay for ongoing operations.

Lenox will keep trying to sell its business through a sale process to be approved by the Court. The company and its lenders entered into an agreement that the company's assets will be sold to a new entity formed by the lenders in exchange for cancelling a portion of the company's secured loans. The agreement is subject to higher or better offers, and will be considered as one offer in a bidding process to maximize value of the company's assets.

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Lenox Files for Bankruptcy

Nov 24, 2008

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