Aerogroup Gets Nod For New $23M Stalking Horse Bid

By Matt Chiappardi (February 14, 2018, 8:55 PM EST) -- A Delaware bankruptcy judge on Wednesday allowed a hedge fund to put in a $23 million floor bid at an auction for shoe retailer Aerogroup International Inc.'s assets, rejecting a challenge from a multiparty group that had previously been picked as the stalking horse bidder.

During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey allowed Aerogroup, maker of the well-known Aerosoles brand, to have hedge fund Alden Global Capital LLC serve as stalking horse after the debtor agreed to reduce the amount of the initial overbid from $1 million to $500,000, an issue the Office of the U.S. Trustee was...

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