Tue 09/21/2021 12:44 PM
To view the relevant documents above as well as our Americas Middle Market team's coverage of thousands of other stressed/distressed debt situations including the GBG Sale of Aquatalia Brand request a trial here: https://reorg.com/trial
At an uncontested hearing today, Sept. 21, Judge Michael E. Wiles approved the sale of the GBG USA debtors’ Aquatalia brand to Saadia Group for a purchase price of $22.8 million in cash after Saadia Group outbid stalking horse bidder WH AQ Holdings LLC at auction.
Counsel for the debtors disclosed that Saadia and WH AQ were the only two bidders to submit qualified bids in advance of the auction. The debtors also said that they hoped to hold an auction for the debtors’ other assets related to the Ely & Walker and Sean John brands on Monday, Sept. 27.
In 2020, Saadia Group purchased the Lord & Taylor
and Le Tote assets, as well as RTW Retailwinds
’ e-commerce business and all related intellectual property and its rental subscription business.
At today’s hearing, Judge Wiles also approved the debtors’ motion
to reject their headquarters lease for five floors of the Empire State Building. The debtors had said that they would save more than $1.1 million monthly for rent and associated costs as a result of the rejection.
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 © 2021 Reorg Research, Inc. All rights reserved.