'Geek And Gamer' Supplier Loot Crate Files Ch. 11 In Del.
Law360 (August 12, 2019, 10:01 AM EDT) -- “Geek and gamer” product and collectible supplier Loot Crate Inc. and three affiliates filed for Chapter 11 protection in Delaware bankruptcy court late Sunday, burdened with about $58 million in secured and unsecured debt and planning a sale to an affiliate of a current company noteholder.
Loot Crate, which supplies subscribers with monthly deliveries of entertainment, gaming, sports, and pop culture products, had been struggling since 2017 with liquidity issues, according to Stuart Kaufman, a partner with Portage Point Partners LLC and Loot Crate’s chief restructuring officer.
Recent problems included a move by Loot Crate’s credit card processor, Vantiv LLC, to...
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