BankruptcyData’s detailed analysis and summary of Aeropostale’s Second Revised Third Amended Joint Chapter 11 Plan, dated March 15, 2018, is now available. The U.S. Bankruptcy Court confirmed the Plan on March 30, 2018; however, an effective date has not yet been issued.
BankruptcyData notes, “The Plan provides for the sale of substantially all of the Company’s assets. Upon Confirmation, the Debtors will be authorized to take any and all actions necessary to consummate the Sale Transaction and the Asset Purchase Agreement. The Agreements between the Company and a consortium comprised of Authentic Brands Group, Simon Property Group, General Growth Properties, Hilco Merchant Resources and Gordon Brothers Retail Partners will sell substantially all of the Debtors assets for approximately $243.3 million.”
In addition, “The proceeds from the Sale Transaction have been and will continue to be used to fund the ongoing wind-down costs of the Chapter 11 Cases and will be used to fund Distributions under the Plan. The wind-down of the Debtors’ estates has cost approximately $7 million to date. The Debtors estimate that the ongoing wind-down costs of the Chapter 11 Cases will amount to approximately $2 million.”
BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Aeropostale’s May 4, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
Read more Aeropostale bankruptcy news.