FTD Cos., Inc. receives court approval of ‘First Day’ motions to support business

FTD Cos., Inc., a premier floral and gifting company, recently announced that the company has received approvals from the U.S. Bankruptcy Court for the District of Delaware for “First Day” motions related to the voluntary Chapter 11 petitions filed on June 3.

The Bankruptcy Court granted the company interim approval to access up to $47 million of up to $94.5 million in debtor-in-possession financing.

The DIP financing, combined with cash generated from the company’s ongoing operations, will be used to, among other things, support the business during the court-supervised restructuring process.

In addition, the company received Bankruptcy Court approval to, among other things, continue ongoing payments and services without interruption to member florists and business partners supporting the company’s operations, manage its continuing relationships with vendors and customers, and pay wages and benefits for continuing employees.

Scott Levin, FTD’s president and chief executive officer, said, “The court’s approvals of our First Day motions will enable us to continue supporting our member florists and business partners and providing customers the outstanding service they expect from us as we work to complete the initiatives coming out of our strategic review. Looking ahead, we will continue to build on our important relationships with our member florists and business partners. I would like to thank our employees for their continued hard work and commitment.”

Additional information

Additional information about the court-supervised restructuring process is available on the company’s restructuring website, www.FTDrestructuring.com.

In addition, Bankruptcy Court filings and other information related to the court proceedings are available on a separate website administered by the company’s claims agent, Omni Management Group, at www.omnimgt.com/FTD, or by calling Omni representatives toll-free at 1-866-205-3144 or 1-818-906-8300 for calls originating outside of the United States.

Jones Day is serving as legal advisor to the company, Moelis & Co. LLC and Piper Jaffray & Co. are serving as its investment bankers and financial advisors, and AP Services, LLC, an affiliate of AlixPartners, is providing Chief Restructuring Officer services.

About FTD Companies, Inc.  

FTD Cos., Inc. is a premier floral and gifting company. Through our diversified family of brands, it provides floral, specialty foods, gifts, and related products to consumers primarily in North America. It also provides floral products and services to retail florists and other retail locations throughout these same geographies. FTD has been delivering flowers since 1910, and the highly-recognized FTD brand is supported by the iconic Mercury Man®logo, which is displayed in over 30,000 floral shops in more than 125 countries. In addition to FTD, its diversified portfolio of brands includes the following trademarks: ProFlowers, Shari’s Berries, Personal Creations, Gifts.com, and ProPlants. FTD Cos., Inc. is headquartered in Downers Grove, IL. For more information, please visit www.ftdcompanies.com.

Kid’s Choice Fresh Produce watermelons seeing strong sales
When the coronavirus pandemic hit, those working at Kid’s Choice Fresh Produce Inc. weren’t sure what to expect, and assumed it would mean a decrease in business early-on. However, that hasn’t been the case at all. “We’re still going, and in fact, we’re selling more watermelons than we usually do at this time,” said Tom Read More ...
Emerging trends to watch
As we continue to navigate this coronavirus world, we find ourselves in limbo. Some counties and states are optimistic about re-opening, using a phased approach and strict guidelines to ensure the safety of employees and patrons. Other regions find themselves in the same position they were in a month ago, grappling with this Read More ...
Strong season for Summer Citrus from South Africa
Summer Citrus from South Africa anticipates a strong 2020 season as the first vessel of the year makes its way to the United States this week. Easy peeler clementines will be the first fruit to arrive this month at the New York port. More easy peelers and some Navel oranges will follow with the first conventional vessel Read More ...
Gold Coast produce boxes keep things fresh while consumers shelter in place
In response to shelter in place orders due to COVID-19, Gold Coast Packing, a leading grower, shipper and processor of fresh produce, partnered with sister winery Costa de Oro to offer local residents produce boxes as a convenient and safe way to pick up essential produce. Since mid-March, Gold Coast has sold over 600 Read More ...
Alberto Obregon joins Vision Import as director of global procurement
Vision Import Group, an Importer of fresh produce servicing North America and specializing in limes, lemons, mangos and pineapples, as well as various other seasonal offerings, announced the hiring of Alberto Obregon as director of global procurement, where he will manage and maintain relationships with the company’s Read More ...

Market Watch

the source pro-act

Western growing regions getting hit by rain, cooler temps

floral pulse