Getting your player ready...
Wasserstein & Co., the buyout firm that bought Harry & David Holdings Inc. in 2004, shouldn’t be allowed to benefit from the now bankrupt gift retailer, said creditors who object to the terms of a $100 million loan.
Harry & David’s request for a loan to fund operations as it reorganizes in Chapter 11 should be denied or changed, creditors said in court papers filed Thursday in U.S. Bankruptcy Court in Wilmington, Del. The loan’s terms give unfair advantage to Wasserstein, including $7 million in new stock of a reorganized Harry & David and a release from lawsuits, creditors said.
