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Claire’s Stores Revised Marketing Process Order

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The U.S. Bankruptcy Court issued an order granting in part Oaktree Capital Management’s motion for entry of an order directing Claire’s Stores’ to modify their marketing process. The order states, “The Debtors, in consultation with the Official Committee of Unsecured Creditors appointed in these chapter 11 cases, shall restart a Marketing Process….The Debtors shall cooperate with all Process Participants in good faith. The Debtors shall cause the notice…to be served on each entity from which indications of interest were previously solicited in connection with the Debtors’ Marketing Process (the ‘Initial Participants’) on or within two (2) business days following entry of this Order. The Debtors shall further cause the Marketing Process Notice to be served on any additional entities that, in the Debtors’ reasonable business judgment and in consultation with the Committee, may be interested in submitting bids (together with the Initial Participants, the ‘Process Participants’)….The Bid Deadline shall be August 31, 2018 at 5:00 p.m., prevailing Eastern Time, which deadline may be extended (but not shortened) by the Debtors in consultation with the Committee.”

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