United Retail, Creditors Forge Deal Over Stalking Horse Bid

Law360, New York (March 15, 2012, 6:46 PM EDT) -- Women's clothing retailer United Retail Group Inc. on Thursday reached a handshake deal with unsecured creditors to end their challenge of would-be buyer Versa Capital Management LLC's possible $12.5 million credit bid on the debtor in a New York bankruptcy court.

The official committee of unsecured creditors had filed the adversary complaint Monday, saying the $12.5 million figure was in fact an unsecured claim that is subject to taxes and other restrictions that reduce the allowable recovery amount to zero.

The claim was transferred to Versa...
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