$50M Bid For Destination Maternity Tweaked After Objection
Law360 (December 3, 2019, 5:53 PM EST) -- Facing possible sidelining of a pace-setting Delaware Chapter 11 sale agreement, a Destination Maternity bidder boosted its $50 million “stalking horse” price Tuesday in a concession that earmarked more cash for suppliers who delivered goods just before the retailer's bankruptcy.
The specialty clothing retailer, its creditors and stalking horse bidder Marquee Brands LLC worked out the changes after Judge Brendan L. Shannon said he was unlikely to approve a proposed $1.75 million breakup and expense fee to Marquee if beaten out by another bidder.
Unsecured creditors objected to the bid and stalking horse terms before the hearing, arguing that Marquee’s offer...
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