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February 26, 2019 – The Debtors notified the Court that they had postponed until February 28, 2019 the auction initially scheduled for February 25, 2109 [Docket No. 409]. This is the second such postponement and reflects dynamic, pre-auction efforts; including last-minute interest from new potential bidders for (i) the Debtors' Janie and Jack assets and (ii) the intellectual property and e-commerce platforms for the Gymboree® brand.
The Debtors' notice stated, “Debtors have received additional interest in the Assets and have continued work with interested parties towards a goal of maximizing the value obtained from the Sale.”
On January 17, 2019, the Court hearing the Gymboree Group approved (i) proposed procedures to be used in connection with the sale(s) (the “Sale(s)”) of certain of the Debtors’ assets (the “Bidding Procedures”); (ii) a stalking horse agreement with Special Situations Investment Group, Inc. (the “J&J Stalking Horse Bidder”) for the sale of (a) all of the Assets relating to the Janie and Jack® brand (the “J&J Assets”), and (b) intellectual property and e-commerce platforms for the Gymboree® brand (together with the J&J Assets, the “SSIG Assets”), (iii) one or more additional stalking horse agreements for any further subset of assets other than the SSIG Assets,(iv) proposals relating to scheduling an auction and a final hearing for approval of the Sale(s), (v) the form and manner of notice of the Bidding Procedures, the auction, and the sale hearing and (vi) certain procedures related to the assumption by the Debtors and assignment to the Successful Bidder(s) (of executory contracts and unexpired leases in connection with any Sale filed a motion [Docket Nos. 26 and 76 for motion and order, respectively].
On January 18, 2019, the Debtors filed the stalking horse asset purchase agreement [Docket No. 106] which notes an $85mn credit bid which serves as the aution's base price.
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