FAO Files Reorganization Plan

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FAO Inc. said yesterday that it filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. The hearing on the adequacy of the disclosure statement is set for Feb. 28.


The company said it continues to discuss specifics of the plan with its creditors and expects changes. The plan reflects the intention to raise new equity capital to fund the reorganization and future growth, and to have equity holders remain holders in the reorganized company.


The company also said it obtained an order allowing it to continue to use cash collateral of the company's lenders to fund operations through April 4.


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