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Sovereign Bank Objects To Boscov's Asset Sale

Law360 (November 14, 2008, 12:00 AM EST) -- Bankrupt retailer Boscov's Department Store LLC’s reorganization may have hit a stumbling block this week, as secured creditor Sovereign Bank objected to the planned sale of virtually all the store’s assets to a Boscov family consortium.

Sovereign Bank lodged its objection Tuesday in the U.S. Bankruptcy Court for the District of Delaware, claiming the assets sale slated for this month fails to provide adequate details about the purchaser’s future ability to make ends meet and neglects to adequately acknowledge the debtor’s $8 million obligation to the...
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