Harry and David Bankruptcy

The Pension Benefit Guaranty Corporation filed with the US Bankruptcy Court on July 31, 2011 an objection to Harry & David Holdings' Second Amended Chapter 11 Plan of Reorganization. According to PBGC, the Plan should not be confirmed because it is contingent upon the termination of the pension plan, which would be improper under the Employee Retirement Income Security Act. The Internal Revenue Service, State of Michigan, and Department of Treasury also filed objections to the Plan.