Former Oriental Trading wants to up term loan size in confirmed plan

By Lisa Kerner

Charlotte, N.C., Feb. 2 - OTC Holdings Corp., formerly Oriental Trading Co., asked the court to approve modifications to its fifth amended joint plan of reorganization that was confirmed on Dec. 16, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said as a result of strong investor interest in the new term loans in the loan syndication market, the debtors want to increase by 10% the size of the new term loan to be issued on the effective date.

In addition, the debtors want to up the principal amount of the loans to $220 million from $200 million, which would increase the amount distributed to the first-lien lenders by $10 million, the filing said.

A hearing is set for Feb. 10.

Oriental Trading, an Omaha, Neb., direct marketer of party and school supplies, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 10-12636.

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