Ironclad Performance Wear and its subsidiary filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, lead case number 17-12408. The Company, which manufactures task-specific work gloves, is represented by Ron Bender of Levene, Neale, Bender, Yoo & Brill.
The Company concurrently announced a stalking horse bid from Radians Wareham Holding related to the proposed sale of substantially all of its assets, pursuant to Section 363. To facilitate continued business operations, Ironclad Performance Wear entered into a D.I.P. credit agreement and agreement for the use of cash collateral with Radians Wareham Holding, under which Radians Wareham Holding will provide to Ironclad a secured multiple draw term loan credit facility of up to $1 million for normal business operations and up to an additional $1 million for additional purchases of inventory.
Under the stalking horse purchase agreement, Radians Wareham Holding will purchase substantially all of Ironclad Performance Wear’s assets for an aggregate amount of $20 million, subject to a reduction to $15 million if certain conditions are not met, and the assumption of certain of Ironclad’s liabilities.
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