January 17, 2019 – The Debtors notified the Court hearing the Advanced Sports Enterprises case that, further to an auction held on January 16, 2019, HTM USA HOLDINGS, LLC (“Head” or the “Buyer”) had been chosen as the successfull bidder (the “Successful Bidder”) in respect of a purchase of substantially all of the Debtors’ assets…

January 17, 2018 – The Debtors requested Court authority, subsequently granted [Docket Nos. 62 and 86], to (a) assume an agency agreement, dated as of January 16, 2019, (the “Agency Agreement”)  with Great American Group WF, Tiger Capital Group,  Gordon Brothers Retail Partners, and Hilco Merchant Resources (collectively, the  “Agent”) and (b) to conduct store…

January 18, 2019 – The Debtors notified the Court hearing the David’s Bridal case that they had emerged from their Chapter 11 bankruptcy effective January 18, 2019 [Docket No. 290]. The Court had previously blessed the adequacy of the Debtors’ Disclosure Statement and confirmed the Debtors’ Joint Prepackaged Chapter 11 Plan on January 4, 2019…

January 17, 2019 – The Debtors announced that they had ESL Investments, Inc. (“ESL”) as the winning bidder in the Debtors’ auction. In a brief, somewhat anticlimactic, press release, the Debtors stated, “Sears Holdings Corporation …today announced that ESL Investments, Inc. was selected as the winning bidder in the Company’s auction. Subject to Bankruptcy Court…

January 17, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Creditors Committee”), clearly deeply disappointed by its inability to block the Debtors’ choice of ESL Investments, Inc. (“ESL”) as the winning bidder in the Debtors’ auction for going concern assets, fully opened up a new battlefront against Edward Lampert, ESL and implicitly the…

January 17, 2019 – The Court hearing the Checkout Holding case issued a final order [Docket No. 222] (i) authorizing the Debtors to obtain $275.0mn in debtor-in-possession (“DIP”) financing (including a roll-up of $150mn in prepetition first lien debt) and (ii) approving the Debtors’ request for confidential treatment of the entirety a DIP fee letter…

January 17, 2019 – The Debtors requested Court authority to (i) enter into interim and final debtor-in-possession (“DIP”) financing arrangements with SPECIAL SITUATIONS INVESTING GROUP, INC., as administrative agent and as collateral agent for the Lenders and (ii) use cash collateral [Docket No. 33]. The DIP financing is a $30mn new money multiple draw term…

January 16, 2019 – Creditor McKesson Corporation (“McKesson”), filed an objection to the Debtors’ emergency motion for debtor-in-possession (“DIP”) financing [Docket No. 35].    The objection states, “McKesson holds a valid reclamation claim against the Debtor in connection with goods delivered to the Debtor prepetition and valued at approximately $67.2 million. McKesson objects to the…

January 17, 2019 – Gymboree Group and 10 affiliated Debtors (“Gymboree” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead case number 19-30258. The Company, a portfolio of children’s brands operating 380 specialty retail stores with clothing and accessories for children in the U.S….

January 16, 2019 – The Debtors requested Court approval of proposed bidding procedures for the sale of its remaining pharmacy assets (“Pharmacy Assets”) [Docket No. 27]. The Debtors motion also attached a form of asset purchase agreement that it would expect prospective bidders to execute in the event that a bid was chosen as the…