Nielsen & Bainbridge is in a confirmed reorganization posture, with the court having approved the disclosure statement and confirmed the debtors’ Second Amended Joint Chapter 11 Plan on June 30, 2023 through the confirmation orderDkt. 611. The case began on February 8, 2023, when the home decor and home goods supplier filed Chapter 11 after a prolonged operating and liquidity squeeze: the first-day declaration attributed the filing to supply-chain disruption, freight costs nearly 400% above historic norms, Chinese import tariffs, reduced consumer spending, more than $413 million of funded debt, about $82 million of trade payables, and roughly $2 million of available liquidity at the petition date, as described in the Amy Lee first-day declarationDkt. 18.
The capital structure gave the case a lender-led reorganization path rather than a free-standing operating reset. The same first-day declaration identified a prepetition ABL facility agented by Wells Fargo, first-lien term loans agented by Deutsche Bank, and second-lien term loans agented by Cortland, while describing a restructuring framework with key creditor support, a $60 million DIP facility including $30 million of new money, a bid of DIP and ABL claims for reorganized equity, and an expedited plan-confirmation process through the Amy Lee first-day declarationDkt. 18.
That process culminated quickly. The debtors filed the Second Amended Chapter 11 PlanDkt. 589 on June 29, 2023, and obtained confirmation the next day under the . The plan record later continued with technical-modification and plan-supplement activity, including service of the Fifth Amended Plan Supplement through the . The context pack does not provide an effective-date notice or future hearing calendar, so the observable posture is a confirmed plan awaiting, or already moving through, post-confirmation implementation rather than an active sale or contested confirmation track.
