FTD Companies, Inc. Receives Court Approval of "First Day" Motions to Support Business, Including Member Florists and Business Partners
FTD COMPANIES (FTD)
Last ftd companies earnings: 11/7 04:05 pm
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US:NYSE Investor Relations:
investor.ftdcompanies.com/investor-relations
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Source: PR Newswire
DOWNERS GROVE, Ill., June 5, 2019 /PRNewswire/ -- FTD Companies, Inc. (Nasdaq: FTD) (the "Company"), a premier floral and gifting company, today announced that the Company has received approvals from the U.S. Bankruptcy Court for the District of Delaware for "First Day" motions related to the voluntary Chapter 11 petitions filed on June 3, 2019.The Bankruptcy Court granted the Company interim approval to access up to $47 million of up to $94.5 million in debtor-in-possession ("DIP") financing. The DIP financing, combined with cash generated from the Company's ongoing operations, will be used to, among other things, support the business during the court-supervised restructuring process.In addition, the Company received Bankruptcy Court approval to, among other things, continue ongoing payments and services without interruption to member florists and business partners supporting the Company's operations, manage its continuing relationships with vendors and customers, and pay wages and b
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