Aerogroup Reaches Deal With Lenders To Dismiss Ch. 11

Law360 (October 8, 2019, 9:51 PM EDT) -- Defunct women’s shoe retailer Aerogroup International sought approval in Delaware bankruptcy court late Monday for a multipart, multimillion-dollar settlement with creditors and an eventual order dismissing its Chapter 11 cases.

The deal includes an agreement by prepetition secured lender THL Corporate Finance Inc. to withdraw an appeal in the U.S. District Court for the District of Delaware challenging now-retired U.S. Bankruptcy Judge Kevin Carey’s decision to exclude THL from sharing a $4.2 million settlement Aerogroup reached with GBG USA Inc. after GBG's abrupt termination of deal to buy nearly all the debtor's assets.

Under the latest agreement, about $2.79 million of...

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