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Aeropostale Bankruptcy Stipulation Approved

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The U.S. Bankruptcy Court approved Aeropostale’s stipulation among the Debtors, Aero Investors and MGF Sourcing Holdings.

As previously reported, “On December 13, 2016, the Claimant filed administrative expense Claim No. 2503 (the ‘Administrative Claim’) against Debtor ARO Liquidation for $42,750,000 (the ‘Administrative Claim Amount’) for compensation for the diminution in value of its interests in the collateral that secures the obligations of the Debtors under the Loan Agreement; and on December 13, 2016, the Claimant also filed the following 7 claims against the Guarantors for $42,750,000 each (the ‘Guarantor Claims’).”

In addition, “The Parties hereto, subject to the Bankruptcy Court’s approval agree that: Each of the Debtors is jointly and severally liable for the full amount of the Administrative Claim. If the Administrative Claim is not satisfied in full by Debtor ARO Liquidation, Claimant shall retain the right to collect the full allowed amount of the Administrative Claim from any and each of the Debtors, provided, for the avoidance of doubt, that the full allowed amount of the Administrative Claim shall only be paid once.”

Read more Aeropostale bankruptcy news.

The post Aeropostale Bankruptcy Stipulation Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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