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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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With an offer of $5 million, U.K.-based outdoor and sports gear retailer Mountain Warehouse has emerged as the stalking horse bidder for Eastern Mountain Sports’ intellectual property. The bankruptcy auction ends by Aug. 30, when the deal is scheduled to close, per court documents, RetailDive.com reported. After that date, EMS will close any inventoried stores until the deal is complete, and it would be up to Mountain Warehouse to reopen them. If EMS accepts a higher bid, Mountain Warehouse is entitled to a $150,000 break-up fee, according to court filings.
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Yorkshire-based developer Harworth has filed a winding-up petition against modular firm TopHat, HousingToday.uk reported. A petition was filed at the High Court on 15 July by Harworth Estates Residential Development Limited against TopHat Enterprises Ltd. The case will be heard at the business and property courts in Leeds on 13 August, with Harworth claiming it is a creditor of TopHat. A winding up petition is a legal action that can be taken by a creditor against a company that owes it £750 or more.
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Credit default swaps tied to the UK’s largest pub operator have plunged in value as investors fear the company’s recent debt refinancing has left the contracts worthless, meaning bondholders have no way to hedge, Bloomberg News reported. The contracts have fallen in value since Stonegate Pubs — owner of the Slug & Lettuce and Be At One chains — closed on a refinancing last week, selling more than £2 billion ($2.54 billion) of bonds at double-digit yields.
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