John Varvatos Approved For Ch. 11 Asset Sale To Lender

Law360 (July 24, 2020, 4:07 PM EDT) -- Men's suit retailer John Varvatos Enterprises Inc. received approval Friday from a Delaware bankruptcy judge for a Chapter 11 sale of its assets to a secured lender that credit bid $76 million of its prepetition debt at an auction earlier in the week.

During a hearing conducted via phone and video conferencing, debtor attorney Derek C. Abbott of Morris Nichols Arsht & Tunnell LLP said Lion/Hendrix Cayman Ltd. was the only qualified bidder coming into the auction and that its offer to bid against a portion of its $95 million of debt was the best offer received by John Varvatos....

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