$50M Bid For Destination Maternity Tweaked After Objection

Law360 (December 3, 2019, 5:53 PM EST) -- Facing possible sidelining of a pace-setting Delaware Chapter 11 sale agreement, a Destination Maternity bidder boosted its $50 million “stalking horse” price Tuesday in a concession that earmarked more cash for suppliers who delivered goods just before the retailer's bankruptcy.

The specialty clothing retailer, its creditors and stalking horse bidder Marquee Brands LLC worked out the changes after Judge Brendan L. Shannon said he was unlikely to approve a proposed $1.75 million breakup and expense fee to Marquee if beaten out by another bidder.

Unsecured creditors objected to the bid and stalking horse terms before the hearing, arguing that Marquee’s offer...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!