OSH 1 Liquidating Corp. Preferred Series A(fka OSHSQ)

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News: Bidders deadline and auction date...

By Marie Beaudette

On Monday, Orchard Supply Hardware Stores Corp. will ask a Wilmington, Del., bankruptcy judge for permission to auction its assets, with rival home-improvement chain Lowe's Cos. ( LOW ) kicking off bidding with a $205 million offer.
Orchard Supply is seeking to auction its assets on Aug. 14, followed by an Aug. 20 sale hearing. The company is also asking the court to set an Aug. 9 deadline for would-be bidders to submit their initial offers ahead of the auction.
Lowe's$205 million offer for at least 60 Orchard Supply stores would serve as the auction's lead bid. At Monday's hearing, Orchard Supply will ask for permission to pay Lowe's a $6.15 million breakup fee if it is bested at auction.
Lowe's has said it plans to operate Orchard Supply as a standalone business, keeping its brand name and current management team.
Founded in 1931 in San Jose, Calif., Orchard Supply completed a spinoff from Sears Holdings Corp. ( SHLD ) at the beginning of 2012. The company currently operates 89 hardware and garden stores in California and two in Oregon.
The company, which filed for Chapter 11 protection last month, blamed its financial troubles on "extensive debt," declining sales during the economic downturn and the increased costs it faced as it completed its spinoff and went public.


Read more: http://www.nasdaq.com/article/week-ahead-orchard-supply-seeks-bankruptcy-auction-20130705-00209#ixzz2YCGoXDTO