FTD Companies Files For Bankruptcy

(RTTNews) - FTD Companies Inc. (FTD) said that it filed voluntary chapter 11 petitions to facilitate completion of strategic Initiatives. It is expected that the company's common stock will be delisted from the Nasdaq Stock Market for non-compliance with marketplace rules as a result of the Chapter 11 filing.

The company said it has received commitments for up to about $94.5 million in debtor-in-possession financing from a syndicate comprised of its existing lenders. It will use the financing to support the business during the court-supervised restructuring process.

The company reached asset purchase agreement with an affiliate of Nexus Capital, a California-based private equity sponsor, to acquire the company's North America and Latin America florist and consumer business, including ProFlowers, for $95 million in cash.

The company said it sold its Interflora business in the U.K. to a subsidiary of The Wonderful Company for $59.5 million in cash. The Interflora business operated independently from FTD's North America and Latin America businesses and it is not part of the Chapter 11 filing.