SACKETS HARBOR, N.Y., June 22, 2010 (GLOBE NEWSWIRE) -- Wisebuys, Inc. (formerly known as Hackett's Stores, Inc.) (Pink Sheets:HCKID), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), is pleased to announce that yesterday its subsidiary Patrick Hackett Hardware Company filed its Disclosure Statement and Plan of Reorganization with the United States Bankruptcy Court. Additionally, the company learned today that the United States Trustee has withdrawn its motion to dismiss or convert the case to a Chapter 7.
Patrick Hackett President, Herbert Becker, stated, "We are pleased by the court's actions and to take this necessary first step to reorganize Patrick Hackett and hopefully successfully emerge from bankruptcy protection." Mr. Becker continued, "This has been a particularly trying time, which was initiated after Wells Fargo forced the premature repayment of Patrick Hackett's $5 million revolving line of credit. And although we managed to repay that loan in full the company had no choice but to ultimately seek protection under the code. And as the plan states, we hope to move past this unfortunate period by January 2011."
The company announced it recently executed a term sheet with ACG Consulting that called for a $3 million capital raise for Patrick Hackett Hardware Company, and the company expects to sign definitive agreements shortly.
Safe Harbor Statement
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