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:
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