Sole Bidder Versa Capital Cleared To Buy United Retail

Law360, New York (April 3, 2012, 4:15 PM EDT) -- Bankrupt women’s clothing retailer United Retail Group Inc. will be sold to stalking horse bidder Versa Capital Management LLC for cash and assumed liabilities, after a New York bankruptcy judge approved the deal Tuesday once several creditor objections were resolved.

After no competing bids were submitted by a March 20 deadline, a planned March 23 auction was canceled, with Versa affiliate Ornatus URG Acquisition LLC coming out as the sole bidder. It is now poised to pay cash and assume certain liabilities, both of which will...
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