by COLUMBUS, Ohio — The Top 30 unsecured creditors in Big Lots’ Chapter 11 bankruptcy have just over $74 million in claims, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware on Sept. 9.
The figure is just a portion owed to an estimated 5,000 to 10,000 creditors identified for a company with an estimated $1 billion to $10 billion in liabilities and a similar amount of assets, according to its filing.
The list of vendors in the Top 30 include several major furniture and bedding companies, a testament to the significant business that Big Lots did in the segment, which represented some 29% of sales in its first quarter. The vendors include Ashley, Fusion Furniture, Twin Star International, Serta and Sealy, as well as Ameriwood, an RTA furniture producer that is part of Dorel Home.
A listing of these 30 top unsecured creditors and the amounts owed in order are as follows:
+ Ashley Furniture: $12,281,796
+ Serta: $5,956,768
+ Big AVCA: $4,229,538
+ Sealy: $4,240,250
+ Everstar Merchandise: $3,786,843
+ Fusion Furniture: $3,262,323
+ Elite Comfort Solutions: $2,637,484
+ Zest Garden Limited: $2,254,976
+ FXI Inc.: $2,233,611
+ Pan Asian Creations Ltd.: $2,183,746
+ Polygroup Evergreen Ltd.: $2,157,316
+ Round Tripping Ltd.: $2,146,393
+ Keeco LLC: $2,119,776
+ PPJ LLC: $2,027,334
+ Ameriwood Industries: $1,936,980
+ Singsong International Trade Co.: $1,870,485
+ All Courtesy International: $1,782,676
+ Giftree Crafts Co.: $1,737,473
+ Carlington Industries: $1,670,896
+ Ningbo Electric Appliance: $1,611,329
+ 3M Co.: $1,586,000
+ Millennium Gifts: $1,474,143
+ Zhejiang Hengtai Crafts: $1,388,347
+ Building Air Services HVAC: $1,328,798
+ Boston Warehouse: $1,304,295
+ Dell Financial Services: $1,279,002
+ Hong Kong GMS International: $1,233,484
+ Twin Star International: $1,231,380
+ Topmost Design: $1,198,255
+ ESI Cases and Accessories: $1,117,850
Paying bills owed to these and other creditors will be key to an orderly running of its business as the company goes through the Chapter 11 process. On Monday, the company announced on the investor news portion of its website that it has secured financing to support its operations, including commitments of $707.5 million, which includes $35 million in new debtor-in-possession financing from certain of its current lenders
It also has entered into an agreement to sell its assets and ongoing business operations to an affiliate of Nexus Capital Management LP, identified as the stalking horse bidder, although other bidders could emerge as part through the bankruptcy process.
In a statement issued as part of the proposed sale, Nexus Managing Director Evan Glucoft said, “We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America’s leading extreme value retailer. The Big Lots business has incredible potential and we are confident that its greatest days are ahead.”
