A Leaner Oskar Huber ReopensMay 26, 2010 – In The News
Oskar Huber Fine Furniture chain has recently emerged from bankruptcy and reopened two stores. In a settlement approved in February, the Hubers are no longer responsible for the $14 million they owed to various creditors.
As part of the Chapter 11 process, Oskar Huber and D&D Home Furnishing Inc (outletsadded through a merger in 2008)parted ways and conducted going-out-of-business sales that appalled longtime Oskar Huber customers because the liquidation company mixed in lower-end product. But it did raise $3.5 million needed to pay some bills, said Hal L. Baume who represented the Hubers.
"Very few" Chapter 11 filings result in what the Oskar Huber experience has produced - essentially the same company run by the same pre-bankruptcy management with the debt restructured, Baume said.
"This is the kind of case Chapter 11 was really designed for - to give an honest debtor an opportunity to save their business . . . as opposed to just going out of business," Baume said
Baume was also quoted in the article, "Retailer Reorganization Spotted In New Jersey," inBankruptcy Court DecisionsonApril20, 2010.