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AMERICAN HOME OUT OF
CHAPTER XI BANKRUPTCY
ALBUQUERQUE, NM -- American Home, the Albuquerque-based home furnishings retailer, has emerged from Chapter 11 Bankruptcy.
The company had filed for Chapter 11 protection in November 2008, citing debt over $3.3 million
A reorganization plan was approved by the court in July 2009 and the company has been operating under the plan since September, even though the official emergence did not come until mid-March, according to Ted Leveque, chief operating officer.
Under the plan, unsecured creditors will be paid $1.3 million. $500,000 will be paid immediately with the rest being paid in quarterly installments over two year.
American Home projects sales of $27.5 to $30 million in its first year out of Chapter 11 Protection.
American Home had operated a dozen stores in 2007 in New Mexico and Arizona. The company now has three locations, including the 100,000 flagship store in Albuquerque, an 80,000 sq. ft. store in Farmington, NM, and a 40,000 sq. ft. store in Santa Fe, NM.
04.03.10
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