Brooks Brothers
Brooks Brothers Enters Into Going Concern Stalking Horse Agreement with SPARC Group, $305M Headline Purchase Price Subject to Adjustment for DIP Credit Bid
Thu 07/23/2020 21:53 PM
Brooks Brothers has announced, per a press release and a supplement to their bidding procedures motion, that they have entered into a stalking horse agreement with Authentic Brands Group and Simon Property Group joint venture SPARC Group for "substantially all the Company’s global business operations as a going concern [and] at least 125 Brooks Brothers retail locations." The stalking horse asset purchase agreement is attached to the bidding procedures motion supplement.
The headline purchase price is $305 million, subject to various adjustments including "at the option of the DIP Lenders, an aggregate credit bid of all or any portion of the DIP Obligations." The debtors have received interim approval of an $80 million DIP loan from an Authentic Brands Group and Simon Property Group vehicle.
A hearing to approve the stalking horse bid and bidding procedures is scheduled for Aug. 3 and the motion supplement seeks a shortened timeline culminating in a proposed Aug. 11 sale hearing:
The headline purchase price is $305 million, subject to various adjustments including "at the option of the DIP Lenders, an aggregate credit bid of all or any portion of the DIP Obligations." The debtors have received interim approval of an $80 million DIP loan from an Authentic Brands Group and Simon Property Group vehicle.
A hearing to approve the stalking horse bid and bidding procedures is scheduled for Aug. 3 and the motion supplement seeks a shortened timeline culminating in a proposed Aug. 11 sale hearing:
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.