Bluestem Files Restructuring Plan With $200 Million Lender Bid

Bluestem Brands Inc. put forward a multi-option bankruptcy restructuring plan aimed at market-testing a $200 million sale agreement the online retail company reached with its lenders.

Bluestem, a direct to consumer retailer and owner of the Fingerhut mail-order service, filed its reorganization plan May 29 at the U.S. Bankruptcy Court for the District of Delaware, where it has been in Chapter 11 proceedings since early March.

The Minnesota-based company is planning to conduct an auction on June 26 with a starting price bid of $200 million, but said it “supports any and all potential value-maximizing paths forward,” including a third-party ...