KUALA LUMPUR: KUALA LUMPUR KEPONG BHD []'s US subsidiary Crabtree & Evelyn, Ltd. is expected to exit from Chapter 11 of the US Bankruptcy Code by the end of January.
KL Kepong said on Friday, Jan 15 that Crabtree & Evelyn USA’s creditors had voted overwhelmingly in favour of the reorganisation plan and the US Bankruptcy Court of New York had on Jan 14 confirmed the plan.
"Crabtree & Evelyn USA expects to emerge from Chapter 11 by the end of January 2010," it said.
It added the completion of the Chapter 11 reorganisation would allow Crabtree & Evelyn USA to focus on executing its long-term business plan initiatives with a view to regaining profitability and strengthening the Crabtree & Evelyn brand.
To recap, Crabtree & Evelyn had on July 2, 2009 filed a oluntary petition for relief under Chapter 11.