CARY, N.C., Dec. 23 /PRNewswire/ -- Generation Brands, a leading provider of lighting fixtures and ceiling fans for the building construction and home improvement industries, announced today that it has received final approval from the Bankruptcy Court of its $20 million debtor-in-possession (DIP) financing agreement to continue purchasing goods and services, pay employee salaries and benefits and fund ongoing operations and other working capital needs during its voluntary restructuring process.

"We are gratified by the confidence our lenders and other stakeholders have in our company, our business plan, and our future," said President and Chief Executive Officer T. Tracy Bilbrough. "The final approval of the DIP facility ensures that we will continue to have more than adequate financial resources to fund our vendor and employee obligations, and other operating requirements as Generation Brands completes its debt restructuring in the weeks ahead."

The Court will hold a hearing to consider confirmation of the proposed pre-packaged plan of reorganization on January 15, 2010. If the plan is approved at the hearing, the Company expects to emerge from bankruptcy by the end of January.

Mr. Bilbrough added, "We are greatly encouraged by the continued support of our many trade partners that continue to supply us on normal terms, as well as the strong support of our employees, customers, and lenders as we complete this debt restructuring."

The Company filed its voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The Company was advised in connection with its pre-packaged Chapter 11 financial reorganization by White & Case LLP and Barclays Capital.

For further information, please contact the Company's information line at 866-360-3479, or visit the Company's restructuring website at www.generationrestructures.com.

About Generation Brands

Generation Brands is one of America's leading companies serving the lighting, electrical wholesale, home improvement, home decor, and building industries. The company has an outstanding portfolio of fashionable and functional lighting fixtures, ceiling fans, and decorative products that provide value and growth for our customers and end-users. Our success is derived from our ability to serve our customers and end-users with superior service, leading edge design, and outstanding quality. We continue to increase marketing investments and develop operating and product synergies that enhance our value to the many markets we serve.

    Contact:            Sitrick And Company
                        Maya Pogoda
                        (310) 788-2850
                        Thomas Mulligan
                        (212) 573-6100

SOURCE Generation Brands

Back to top

RELATED LINKS
http://www.generationrestructures.com