Claire's Revises Ch. 11 Bid Scheme After Criticism
Law360 (June 22, 2018, 8:20 PM EDT) -- Under fire for purported shortcomings, irregularities and conflicts in its initial Delaware Chapter 11 plan, jewelry and accessories retailer Claire’s Inc. secured approval Friday for a reworked marketing effort that a Delaware bankruptcy judge said could encourage more bidding for the $1.3 billion annual revenue business.
U.S. Bankruptcy Judge Mary F. Walrath approved portions of the bid solicitation revisions proposed by Claire’s noteholder Oaktree Capital Management LP, days after saying during a hearing that she was “disturbed” by aspects of the company’s already-in-motion process, including potential breaches of fiduciary duty and conflicts with the Bankruptcy Code.
Oaktree and Claire’s' official committee...
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