The U.S. Bankruptcy Court approved Gordmans Stores’ bidding procedures and bid protections related to the disposition of certain assets free and clear of liens, claims, encumbrances and interests. The Debtors have entered into a stalking horse agreement by and among Gordmans Stores and a joint venture comprised of Tiger Capital Group and Great American Group (as stalking horse agent) for the liquidation of substantially all of the Debtors’ assets.
As previously reported, “The Debtors estimate that the guaranteed amounts under the Stalking Horse Agency Agreement will exceed $74 million and believe the consideration offered by the Stalking Horse Agent represents the highest and best value for the assets and that by coupling the Stalking Horse Agency Agreement with the Bidding Procedures.”
In addition, “The Debtors will maximize stakeholder value….Despite having executed the Stalking Horse Agency Agreement, the Debtors will continue to pursue the highest and otherwise best bid possible for their Assets pursuant to the Bidding Procedures.”
The order approves the following general timeline: March 28, 2017 deadline to submit qualified competing bids. An auction, if necessary, would be conducted on March 29, 2017, followed by a March 30, 2017 transaction hearing.
Read more retail bankruptcy news.
The post Gordmans Stores Bid Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.