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The company plans to pursue a sale of its business through a process to be approved by the court.
Lenox has agreed that substantially all of its assets will be sold to a new entity formed by its term lenders in exchange for cancellation of a portion of their secured loans, subject to higher or better offers.
This proposal will be considered as one of the offers in the bidding process, the company said in a statement.
Lenox also intends to file a variety of first-day motions that, with court approval, will allow it to continue to conduct normal business without interruption.
The company will seek approval from the court for a new $85 million debtor-in-possession financing facility provided by its current revolving lender group.
The new facility will provide funds for Lenox to enable it to satisfy customary obligations associated with ongoing operations of its business, including the timely payment of employee obligations, material purchases and normal operating expenses.
Lenox expects the over-the-counter bulletin board to temporarily halt trading in its stock pending receipt of additional information on its financial condition and reorganization plans.
The company said it would cooperate in providing any such information requested by the OTC.
(Reporting by Euan Rocha; Editing by Lisa Von Ahn) Keywords: LENOX/BANKRUPTCY (euan.rocha@thomsonreuters.com; +1 646 223 6026; Reuters Messaging: euan.rocha.reuters.com@reuters.net)
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