Hedge Fund's $26.2M Bid Tops Ch. 11 Auction For Aerogroup

By Jeff Montgomery (February 16, 2018, 8:28 PM EST) -- Hedge fund Alden Global Capital emerged as the apparent winning bidder in Delaware on Friday for bankrupt shoe retailer Aerogroup International Inc., with a $26.175 million bid that capped a nearly 24-hour, sometimes "testy," marathon auction.

Gregg M. Galardi of Ropes & Gray LLP, counsel to Aerogroup, said Alden's final bid could make $22.5 million available to the estate. The distribution breakdown from the cash pool, however, remains a potential point of friction, and has yet to be disclosed.

U.S. Bankruptcy Judge Kevin Carey reserved final approval for the order pending a review by the buyer, creditors and others after complaints...

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