The Rockport Company, LLC Chapter 11 Petition Filed

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The Rockport Company, LLC and 9 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 18-11145. The Company, a manufacturer of men’s and women’s footwear since 1971, is represented by Mark D Collins of Richards, Layton & Finger, P.A.. Additional engagements include Alvarez & Marsal, engaged as restructuring advisor, and Houlihan Lokey, Inc., engaged as investment banker and financial advisor.

In documents filed with the court, the Company notes that it has entered into an asset purchase agreement (“the agreement”) with CB Marathon Opco, LLC an affiliate of Charlesbank Equity Fund IX, Limited Partnership (“Charlesbank”), pursuant to which Charlesbank will acquire substantially all of Rockport’s assets. To facilitate the sale, Rockport and its U.S. and Canadian subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for Delaware. The transaction is being undertaken pursuant to Section 363 of the U.S. Bankruptcy Code. Accordingly, Charlesbank will serve as the “stalking horse bidder” in a court-supervised sale process, and the agreement is subject to higher and better offers, among other conditions. The Company estimates its creditors as between 1,000 and 5000, its assets as between $100 million and $500 million and its liabilities as between $100 million and $500 million (including an unliquidated and disputed claim of Adidas AG of @ $58 million).

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