Bankrupt jewelry retailer Friedman’s Inc. (Savannah, Ga.) has filed a proposed plan of reorganization as part of an effort to emerge from Chapter 11 bankruptcy protection by November, before the 2005 holiday sales season.
The proposed plan of reorganization reflects the outcome of extensive negotiations between Friedman’s and Harbert Distressed Investment Master Fund Ltd. The retailer filed for voluntary Chapter 11 bankruptcy protection in January.
Harbert manages approximately $3 billion in debt and equity investments in turnarounds, restructurings and event driven situations.