Bombay Files For Chapter 11 Protection
(InvesTrend Via Thomson Dialog NewsEdge)
September 20, 2007 (FinancialWire) The Bombay Co., Inc. (OTCBB: BBAO)
has filed voluntary petitions for reorganization under Chapter 11 of
the U.S. Bankruptcy Code for itself and its U.S. subsidiaries.
The company said it has secured a commitment for a $115 million
debtor-in-possession financing facility from General Electric Capital
Corp. (NYSE: GE) and GE Canada Finance Holding Company.
The filing, which was made in U.S. Bankruptcy Court for the Northern
District of Texas, Fort Worth Division, is said by Bombay to be part of
the company's efforts to address financial challenges and identify a
strategic or financial investor. Bombay's Canadian operations also will
be seeking protection under the Companies' Creditors Arrangement Act in
Bombay said it intends to conduct business as usual through its retail
stores and websites and honor its customer service policies, pay
"post-petition" vendors, suppliers and other business partners and
continue to pay employees' wages and salaries.
Fort Worth, Texas-based Bombay designs, sources and markets a line of
home accessories, wall decor and furniture through 384 retail outlets
and the Internet in the U.S. and internationally.
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