Brookstone, the luxury-gadget retailer, won bankruptcy court approval of its plan to sell the chain to a group of Chinese buyers for about $174 million that will be used to pay creditors. U.S. Bankruptcy Judge Brendan Linehan Shannon yesterday in Wilmington, Delaware, approved the sale to a company backed by the Chinese conglomerate Sanpower Group and the Hong Kong-based private equity firm Sailing Capital. The sale is the cornerstone of the retailer's bankruptcy exit plan, also approved today. "Today marks a new chapter in Brookstone's history," CEO Jim Speltz said in an emailed statement.
Judge Brendan Linehan Shannon
The party supplies distributor aims to reduce its funded debt by more than 70% to $200 million. Carlyle Group-backed party supplies distributor Oriental Trading Co. of Omaha has filed a pre-packaged bankruptcy petition that it said would reduce its funded debt by more than 70% to $200 million. Carlyle invested in Oriental Trading in 2006, acquiring a majority stake from Brentwood Associates, which held onto a 25% holding. Terms of the deal were undisclosed but published reports valued the transaction at close to $1 billion. Calls into the company were not returned by press time. In its Chapter 11