Brookstone Holdings Corp. won a judge's approval yesterday to sell itself to a consortium of Chinese investors that plans to continue operating the majority of the specialty retailer's 240 stores after the company exits bankruptcy, the Wall Street Journal reported today. The sale to Sailing Innovation US Inc. would form the centerpiece of a bankruptcy exit plan, approved yesterday by Bankruptcy Judge Brendan Shannon. The plan seeks to pay off Brookstone's approximately $51 million in bank loans with a loan provided by bondholders funding the restructuring. Sailing Innovation — a consortium made of investment firm Sailing Capital Overseas Investment Fund LP and conglomerate Sanpower Group — agreed to buy Brookstone at a June 2 auction with a bid of about $174 million.
