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Creditors vote yes to Durham plan PDF Print E-mail
Written by HGO Staff   
DURHAM, Ontario - Creditors have voted in favor of Durham Furniture Inc.'s restructuring plan, which should enable to solid wood bedroom specialist to leave court-ordered bankruptcy protection sometime in early April.

According to a statement issued by the company, creditors voted 73 per cent favor of the plan as both suppliers and former employees agreed to a distribution of about eight percent of the amounts claimed.

"The positive vote allows Durham Furniture to complete the final stage of its restructuring, including an injection of new equity and a new lending agreement," the statement said.

Should the court approve the plan after a hearing scheduled for 09 April, the payout to creditors will proceed in early May.

Durham sought protection under the Companies' Creditors Arrangement Act (CCAA) in early January 2008.

"As a result of the terrific support of employees, customers, and suppliers, Durham has been able to show that it has a viable business model that will allow the company to continue to be an important part of the Durham community," chief operating officer Wayne Brohman said.

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