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BRIEF-Gander Mountain, subsidiaries file for Chapter 11 reorganization
March 10, 2017 / 6:45 PM / 9 months ago

BRIEF-Gander Mountain, subsidiaries file for Chapter 11 reorganization

March 10 (Reuters) - Gander Mountain Co :

* Co and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of United States Bankruptcy Code

* Company generally expects to conduct normal business operations during pendency of its restructuring

* Company has obtained a committed Debtor-In-Possession financing facility underwritten by Wells Fargo

* As a product of co’s strategic review, 32 underperforming retail locations will begin a shutdown process in next several weeks

* Co in active discussions with number of parties interested in going-concern sale, expects to solicit bids prior to auction in late April 2017

* Expects to submit the winning bid to the court for approval in early May and anticipates a closing of the sale by May 15

* Employee pay will continue to arrive on time, in full,employee benefits will remain in place, retirement accounts are intact,protected

* DIP financing expected to provide sufficient liquidity to support business operations, to minimize disruption during reorganization Source text : ( Further company coverage:

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