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Hancock Fabrics Sale Approved

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The U.S. Bankruptcy Court approved Hancock Fabrics’ motion for an order authorizing the Debtor’s private sale of certain real and related personal property to Southern Motion and approving the purchase agreement related thereto.

As previously reported, “The Property has been used as the Debtor’s corporate headquarters, warehouse and distribution facility since it was acquired by Hancock Fabrics in 1992. The Debtors are efficiently and effectively winding down their retail and headquarters operations and, given this wind-down, the Property and the Personal Property no longer serve any purpose to the bankruptcy estates. The Property and Personal Property constitute collateral for the Debtors’ obligations under its post-petition DIP credit facility. The Debtors have also stipulated that the Property and the Personal Property constitutes collateral of its pre-petition Secured Notes due 2017. Hancock Fabrics has agreed with its creditors to sell the Property by August 30, 2016….Hancock Fabrics and A&G have been separately marketing the Property since it became clear that the sale of the Debtors’ business as a going concern was not a realistic outcome…As a result of A&G’s efforts, the Debtors received two qualified offers for the Property, the highest of which was received from the Buyer for a purchase price of $9,300,000 (the ‘Purchase Price’).”

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The post Hancock Fabrics Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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