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Claire’s Stores – Amended Plan and Disclosure Statement Filed; Marketing Procedures Disclosed, Finance Committee Reconstituted

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July 25, 2018 – Claire’s Stores filed with the U.S. Bankruptcy Court an Amended Plan [Docket No. 668] and Disclosure Statement [Docket No. 669]. According to the Disclosure Statement, “Pursuant to the Marketing Procedures, the Debtors, in consultation with the Creditors’ Committee, are affirmatively soliciting any and all bids for their assets, or the sponsorship of an alternative chapter 11 plan. As a result, there is a possibility that the Debtors will proceed to confirmation under a different structure than currently contained in the Plan, which could also result in Holders of Claims or Interests receiving different forms of consideration than currently contemplated under the Plan….On June 22, 2018, the Bankruptcy Court entered the Order Granting in Part Motion of Oaktree Capital Management for Entry of an Order Pursuant to Sections 105, 363 and 1107 of the Bankruptcy Code Directing the Debtors to Modify their Marketing Process [Docket No. 543] (the ‘Marketing Process Order’) [Docket No. 543]. The Marketing Process Order required the Debtors, in consultation with the Creditors’ Committee, to affirmatively solicit any and all bids for their assets, or the sponsorship of an alternative chapter 11 plan, and approved certain procedures annexed to the notice attached as Exhibit 1 to the Marketing Process Order…Oaktree has alleged, in the Marketing Process Motion, that the Finance Committee was operating under a conflict when it negotiated, executed, filed, and continued to prosecute the Plan and the Restructuring Support Agreement…Following the hearing on the Marketing Process Motion, the Debtors reconstituted the Finance Committee, replacing Mr. Marshall with Ms. Sally Pofcher on June 18, 2018.”

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