Pier 1 Bankruptcy Identifies Unsecured Creditors

Pier 1 Imports entered into Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia on February 17 to facilitate a Plan Support Agreement with a majority of its term loan lenders, listing its major unsecured creditors as it did so.

The company reported that it received a commitment of $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association, and Pathlight Capital. The company noted that, after court approval, it expects the debtor-in-possession financing, together with cash flows from operations, to provide ample liquidity to support continued operations and the sale process as it proceeds in the bankruptcy.

In the Chapter 11 filing, Pier 1 listed  creditors holding the 30 largest unsecured claims against it, identified as:

  • Guangzhou Nanfang Furniture Co., $5.6 million
  • Mifaco, $2.2 million
  • Maersk, $1.6 million
  • Bhati & Co., $1.3 million
  • Shenzhen Ouluo Furniture Co., $1.3 million
  • Taurus Home Furnishings, $1.2 million
  • UPS, $1.2 million
  • Synergy Home Furnishings, $990,000
  • Evergreen Freight, $972,000
  • Tzeng Shyng Industries Corp., $963,000
  • IGO Trading, $948,000
  • Kyvas International Co., $825,000
  • A&S Services Group, $821,000
  • ANS, $759,000
  • Evergetic Development Co., $718,000
  • Dileep Industries, $702,000
  • Walker Edison Furniture Co., $638,000
  • Hang Hai Woodcraft’s Art Factory Co., $618,000
  • Designco, $602,000
  • Shenyang New Seasons Arts & Crafts, $589,000
  • Martco Export, $565,000
  • Sun Co. $525,000
  • Minhou Minxing Weaving Co., $525,000
  • Albertina Export and Import, $513,000
  • Aroma Bay Candles Co., $506,000
  • Yang Ming (America) Corp., $505,000
  • Zim Integrated Shipping Services, $499,000
  • Sterno Home, $498,000
  • Bacninh Manufacture and Trading Co., $492,000
  • Han Zhou J and S Yard Home Fashion Co., $491,000