Wednesday, August 10, 2016

Aeropostale Cleared to Seek Bankruptcy Rescue From Versa Capital

Aeropostale Inc. settled a dispute with lenders that threatened to scuttle a potential bid from a Versa Capital Management unit to buy the teen-clothing chain out of bankruptcy.

Versa Capital Fund III is working with Aeropostale to make a binding opening offer for its assets at an auction. The retailer won court approval Monday to pay expenses the Versa affiliate has incurred preparing the so-called staking horse bid, clearing the way for the companies to possibly reach a deal on the offer by Aug. 11. Competing bids would be due by Aug. 18 and the auction would be held Aug. 22.. . . more

No comments: