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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (364822)4/8/2008 11:12:12 AM
From: Giordano Bruno   of 436258
 
meaningless

Linens 'N Things Reportedly Being Pushed Towards Bankruptcy

4/8/2008 10:40:11 AM Linens ‘N Things is being pushed towards bankruptcy, according to a report from the New York Post in its online edition Tuesday. The Post reports that billionaire financier Leon Black is looking to cut his losses and unload the struggling retailer.

The Post, citing unnamed sources, said that Black's buyout firm Apollo Management is looking into the possibility of a “prepackaged” bankruptcy. Black's firm took the home goods retailer private in 2005 for $1.3 billion. In a “prepackaged” bankruptcy, Black's firm would settle on a restructuring plan with creditors before filing for Chapter 11.

The newspaper cited sources saying that Apollo has “been aggressively buying Linens 'N Things debt in a bid to exert greater control over any potential restructuring, in which creditors would likely exchange debt holdings for equity in the reorganized company.”

Apollo Management declined to comment, the Post said.
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