San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Jamestown, N.Y. — A reorganization plan, confirmed by a bankruptcy court and effective in mid-November, has allowed ready-to-assemble furniture maker Bush Industries to emerge from Chapter 11 as a privately held company, owned by a group led by DDJ Capital Management and JPMorgan Chase Bank. Bush had filed for bankruptcy protection last March. The plan provides new financing through 2006, converts $90 million of bank debt to equity, pays all vendors and unsecured creditors in full, and provides a $1.6 million shareholder distribution. Bush, said to be solidly positioned due to cost reductions and new capital structure, will continue to operate furniture segments in both North America and Europe, as well as a technology segment.
Itasca, Ill. — OfficeMax has completed the cash purchase of various series of securities, subject to the retailer's previously announced tender offers, for a total price of $1.17 billion, including about $125 million of premiums. As a result of the completion of the tender offer for its senior floating rate debentures due 2006, certain restrictive covenants limiting the company's financial flexibility will no longer be in effect with regard to the floating rate debentures. As part of the tender process, OfficeMax also sought consents to allow it to amend the indentures for its 6.5 percent and 7 percent senior notes to remove certain similar restrictive covenants. The retailer has obtained the consents with regard to its 6.5 percent notes but not for the 7 percent notes, so it is taking steps to achieve additional covenant flexibility through other avenues.
Arlington, Va. — An online tool designed as a step-by-step consumer guide for interconnecting various consumer electronics devices has been launched by the Consumer Electronics Association. Called the Connections Guide, this interactive resource offers easy-to-understand descriptions and photos of each connector, and shows where these are located and how they can be used to optimize audio and video product performance. The Connections Guide, available at www.CE.org/connectionsguide, was designed so retailers and manufacturers can cobrand with their respective logos and add to their Web sites to educate consumers.
New York — Sirius Satellite Radio is being added to the NASDAQ-100 Index. The index comprises the 100 largest non-financial stocks listed on the NASDAQ Stock Market, based on market capitalization. Also, shares of Sirius will be included in the NASDAQ-100 Index Tracking Stock. Launched in 1985, the NASDAQ-100 reflects the exchange's largest non-financial firms across major industry groups.
Irvine, Calif. — Gateway is selling two series of convertible senior notes for an aggregate principal amount of $250 million. One series will mature in 2009, the other in 2011. The notes will bear interest and will be convertible into shares of Gateway's common stock at a rate and price to be determined. Gateway expects to grant initial purchasers an option to buy up to an additional $25 million aggregate principal amount. Depending on certain events, holders will have the right to require Gateway to repurchase the notes at a price equal to 100 percent of their principal amount. Under certain conditions, the conversion rate for the notes will be increased.