Local jewelry store Shane Co. has taken another step on the road to reorganization out of Chapter 11 bankruptcy.
On Tuesday, the 20-store retailer won court approval to put the reorganization plan up for a vote by creditors.
After a two-day hearing in the U.S. Bankruptcy Court District of Colorado in Denver, Judge Howard Tallman approved the plan wherein Shane will pay creditors holding secured claims in full.
Bloomberg News quoted Tom Shane, the third generation of a family ownership that started in 1929, as saying, “Holders of general unsecured claims will be paid over time, from available revenues of the company.”
Under the reorganization proposal originally filed in August, Shane agreed to defer principal repayments on his $10.5 million debtor-in-possession loan, payments on the $20 million in loans he made prior to the bankruptcy and other claims totaling roughly $3 million he holds against the company while payments are made to unsecured creditors.
Shane also agreed to loan the company 50 percent of federal income-tax refunds he has collected or will collect from net operating losses of the company and to cap his compensation at $1.42 million per fiscal year.
Pink pride.
TeleTech Holdings, the Englewood-based high-tech outsourcing firm with 43,000 employees worldwide, takes a week to think pink during Breast Cancer Awareness Month.
In addition to a large team participating in Sunday’s Komen Denver Race for the Cure, the company also fundraises during Pink Week with pink food sold in the company cafeteria, a paid-time-off donation station where employees can turn in unused time off for a company donation to Komen and executive competitions including water-balloon relay races.
TeleTech also sends pink love into the community with Cupcakes for the Cure, in which the Denver Cupcake Truck will make three stops in downtown Denver to give away 500 free cupcakes and encourage people to make a donation.
The Cupcake Truck will stop at 18th and California, 15th and Wazee and Broadway and 13th starting at 10:30 a.m. Friday.
On Sunday’s race day, TeleTech will distribute free cupcakes to racers who visit the TeleTech booth.
More Tebow time.
I told you Tuesday that Denver Broncos backup quarterback Tim Tebow was teaming the Tim Tebow Foundation with Groove Auto’s Drive for Education in a joint effort to provide educational support for at-risk youths in Colorado.
On Wednesday, Groove Auto chief executive Rod Buscher and Tebow held a news conference to unveil specifics of the joint agreement.
Tebow will appear in public-service announcements featuring Denver-area schoolchildren to promote the nonprofit educational project.
The Drive for Education will generate roughly $100,000 the first year through proceeds from Groove’s auto sales and donations. Groove and Tebow have selected Colorado Uplift, a nonprofit youth service organization, as among the first to benefit from the project.
EAVESDROPPING
From a reader:
“My husband just asked me, ‘If a man is talking and no women are around to hear him, is he still wrong?’ “
Penny Parker’s column appears Tuesday, Thursday, Friday and Sunday. Listen to her on the Caplis and Silverman radio show between 4 and 5 p.m. Fridays on KHOW-630 AM. Call her at 303-954-5224 or e-mail pparker@denverpost.com.
