Bankrupt Sexual Health Chain Gets OK To Tap Lender Cash

Law360, Wilmington (August 11, 2017, 6:57 PM EDT) -- A Delaware bankruptcy judge gave sexual health and wellness retailer Peekay Acquisition Inc. the nod Friday to tap lender cash to launch its Chapter 11 case, which it hopes will culminate in a sale of the business saddled with more than $72.5 million in debt.

During a first-day hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon gave Peekay interim approval to use cash collateral to fund its case that is on track to have the 46-store chain sold at auction as a going concern, with...
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