Oaktree To Counter Top Bidder In Claire’s Del. Ch. 11

Law360 (July 20, 2018, 9:41 PM EDT) -- Private equity firm Oaktree Capital Management LP reported Friday it intends to top the current best offer for bankrupt Claire’s Inc., potentially disrupting what until now has been a pre-arranged but hotly contested plan to hand the retail jewelry and accessories chain to its first-lien lenders.

Thomas E. Lauria of White & Case LLP sketched out the not-yet fully financed and undisclosed bid for Judge Mary F. Walrath during a hearing on the company’s disclosure statement, confirmation schedule and proposed investment rights offering.

“My client submitted to the debtors this week a preliminary, all-cash offer,” Lauria said. “It would provide a...

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