DOWNERS GROVE, Ill.,
June 5, 2019 /PRNewswire/
-- FTD Companies, Inc. (Nasdaq: FTD) (the "Company"), a
premier floral and gifting company, today announced that the
Company has received approvals from the U.S. Bankruptcy Court for
the District of Delaware for
"First Day" motions related to the voluntary Chapter 11 petitions
filed on June 3, 2019.
The Bankruptcy Court granted the Company interim approval to
access up to $47 million of up to
$94.5 million in debtor-in-possession
("DIP") financing. The DIP financing, combined with cash generated
from the Company's ongoing operations, will be used to, among other
things, support the business during the court-supervised
restructuring process.
In addition, the Company received Bankruptcy Court approval to,
among other things, continue ongoing payments and services without
interruption to member florists and business partners supporting
the Company's operations, manage its continuing relationships with
vendors and customers, and pay wages and benefits for continuing
employees.
Scott Levin, FTD's President and
Chief Executive Officer, said, "The court's approvals of our First
Day motions will enable us to continue supporting our member
florists and business partners and providing customers the
outstanding service they expect from us as we work to complete the
initiatives coming out of our strategic review. Looking ahead, we
will continue to build on our important relationships with our
member florists and business partners. I would like to thank our
employees for their continued hard work and commitment."
Additional Information
Additional information about the court-supervised restructuring
process is available on the Company's restructuring website,
www.FTDrestructuring.com. In addition, Bankruptcy Court filings and
other information related to the court proceedings are available on
a separate website administered by the Company's claims agent, Omni
Management Group, at www.omnimgt.com/FTD, or by calling Omni
representatives toll-free at 1-866-205-3144 or 1-818-906-8300 for
calls originating outside of the U.S.
Jones Day is serving as legal
advisor to the Company, Moelis & Company LLC and Piper Jaffray & Co. are serving as its
investment bankers and financial advisors, and AP Services, LLC, an
affiliate of AlixPartners, is providing Chief Restructuring Officer
services.
About FTD Companies, Inc.
FTD Companies, Inc.
is a premier floral and gifting company. Through our diversified
family of brands, we provide floral, specialty foods, gifts, and
related products to consumers primarily in North America. We also provide floral products
and services to retail florists and other retail locations
throughout these same geographies. FTD has been delivering flowers
since 1910, and the highly-recognized FTD® brand is supported by
the iconic Mercury Man® logo, which is displayed in over 30,000
floral shops in more than 125 countries. In addition to FTD, our
diversified portfolio of brands includes the following trademarks:
ProFlowers®, Shari's Berries®, Personal Creations®, Gifts.com™, and
ProPlants®. FTD Companies, Inc. is headquartered in Downers Grove, Ill. For more information,
please visit www.ftdcompanies.com.
Forward-Looking Statements
This press release
contains certain forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, as amended, based on our current expectations,
estimates and projections about our operations, industry, financial
condition, performance, results of operations, and liquidity.
Statements containing words such as "may," "believe," "anticipate,"
"expect," "intend," "plan," "project," "projections," "business
outlook," "estimate," or similar expressions constitute
forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding expectations
about the timing and execution of the Company's strategic
transactions (including the contemplated sales of substantially all
of the Debtors' assets), the Company's future financial condition
and future business plans and expectations, including statements
related to the effect of, and our expectations with respect to, the
operation of our business, adequacy of financial resources and
commitments, and the operating expectations during the pendency of
the Chapter 11 cases and impacts to its business related thereto.
Potential factors that could affect such forward-looking statements
include, among others, risks and uncertainties relating to the
Chapter 11 cases, including, but not limited to, the Company's
ability to obtain Bankruptcy Court approval of motions filed in the
Chapter 11 cases (including, but not limited to, the DIP motion and
the bidding procedures motion), the effects of the Chapter 11 cases
on the Company and on the interests of various constituents,
Bankruptcy Court rulings in the Chapter 11 cases and the outcome of
the Chapter 11 cases in general, the length of time the Company
will operate under the Chapter 11 cases, risks associated with
third-party motions in the Chapter 11 cases, the potential adverse
effects of the Chapter 11 cases on the Company's liquidity or
results of operations and increased legal and other professional
costs necessary to execute the Company's restructuring strategy;
the conditions to which the Company's DIP financing is subject and
the risk that these conditions may not be satisfied for various
reasons, including for reasons outside of the Company's control;
the Company's and the Debtors' ability to consummate sales of
substantially all of the Debtors' assets consistent with the
milestones set forth in the interim DIP order of the Bankruptcy
Court and the terms and conditions of any such sales; the Company's
ability to implement operational improvement efficiencies;
uncertainty associated with evaluating and completing any further
strategic or financial alternative as well as the Company's ability
to implement and realize any anticipated benefits associated with
any alternative that may be pursued; the consequences of the
acceleration of our debt obligations; trading price and volatility
of the Company's common stock and the risks related to the
Company's possible delisting from Nasdaq and trading on the OTC
Pink Market and the other factors disclosed in the section entitled
"Risk Factors" in our most recent Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission ("SEC"), as
updated from time to time in our subsequent filings with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis
only as of the date hereof. Such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that may cause actual performance and results to
differ materially from those predicted. Reported results should not
be considered an indication of future performance. Except as
required by law, we undertake no obligation to publicly release the
results of any revision to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Contacts
Michael Freitag / Aaron Palash / Aura
Reinhard
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE FTD Companies, Inc.
