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Chapter 11

All articles tagged with #chapter 11

business21 hours ago

Spirit Airlines Sets Stage for Emergence with Creditors’ Agreement

Spirit Airlines announced it reached an agreement in principle with its DIP lenders and secured noteholders on key restructuring terms, paving the way to emerge from Chapter 11 in late spring or early summer as a leaner, low‑cost carrier with a substantially reduced debt load (about $2.1B post‑emergence from roughly $7.4B pre-filing), an optimized network, expanded premium offerings, and enhanced loyalty programs, while continuing to book and travel as normal.

via Spirit Aviation Holdings, Inc.|
#business#chapter-11#creditors
Eddie Bauer pursues Chapter 11, eyes sale of about 200 North American stores
business16 days ago

Eddie Bauer pursues Chapter 11, eyes sale of about 200 North American stores

Eddie Bauer LLC filed for Chapter 11 bankruptcy, seeking to sell roughly 200 Eddie Bauer stores in the United States and Canada amid declining sales, inflation, and supply-chain pressures. Most locations will stay open during the process, while online sales and wholesale operations shift to Outdoor 5 LLC; stores outside North America remain with other licensees. This marks the brand’s third bankruptcy in more than a century, with Catalyst Brands as the owner.

via cnn.com|
#business#catalyst-brands#chapter-11
Eddie Bauer's Operator Declares Chapter 11 Bankruptcy, Stores to Stay Open
business16 days ago

Eddie Bauer's Operator Declares Chapter 11 Bankruptcy, Stores to Stay Open

Eddie Bauer's U.S./Canada retail operator Catalyst Brands filed for Chapter 11 bankruptcy, with around 180 stores continuing to operate while it restructures; the brand's e-commerce and wholesale units are unaffected, and international stores remain outside the filing. The move, driven by years of weak sales, supply-chain issues, and tariff uncertainty, marks the third bankruptcy in Eddie Bauer's 106-year history.

via cbsnews.com|
#business#catalyst-brands#chapter-11
business1 month ago

First Brands Initiates Wind Down of Key North American Brands Amid Sale Talks

First Brands Group has begun winding down its North American Brake Parts Inc., Cardone, and Autolite brands as it pursues strategic sale transactions; remaining units continue to operate while the company evaluates pathways to transition those operations to new ownership under its Chapter 11 proceedings, with ROW operations and other North American businesses largely unaffected and ongoing advisory and claims processes in place.

via Business Wire|
#automotive-aftermarket#business#chapter-11
Amazon Challenges Saks Global's Bankruptcy Financing Plan
business1 month ago

Amazon Challenges Saks Global's Bankruptcy Financing Plan

Amazon is opposing Saks Global's Chapter 11 financing package, arguing the $1.75 billion plan would burden Saks with more debt and diminish Amazon's $475 million preferred-equity stake, which it says is presumptively worthless after Saks's budget misses. It warns it may pursue drastic remedies, including an examiner or trustee, even as Saks wins initial court approval to tap financing. The clash stems from a prior deal tying Saks-branded goods to an Amazon storefront and the broader Saks- Amazon relationship.

via Business Insider|
#amazon#bankruptcy-financing#business
Saks Global Enters Chapter 11 as Neiman Marcus Vet Takes the Helm
business1 month ago

Saks Global Enters Chapter 11 as Neiman Marcus Vet Takes the Helm

Saks Global filed for Chapter 11 bankruptcy after taking on heavy debt from the Neiman Marcus acquisition. Veteran Neiman Marcus executive Geoffroy van Raemdonck is stepping in as CEO to steer the restructuring, replacing Richard Baker. The company entered court with about $1.75 billion in debtor-in-possession financing from bondholders to keep operations running, while thousands of creditors and vendors await payment and the potential for store closures or asset sales as the luxury retailer reevaluates its business model.

via WWD|
#bankruptcy#business#chapter-11
Saks Global enters Chapter 11 as new CEO reshapes leadership and lines up financing
business1 month ago

Saks Global enters Chapter 11 as new CEO reshapes leadership and lines up financing

Saks Global filed for Chapter 11 in the Southern District of Texas after a year of financial struggles tied to its merger; former Neiman Marcus CEO Geoffroy van Raemdonck has taken over as CEO and is spearheading a leadership overhaul, while the company secures a $1.75 billion financing package to support restructuring. Stores remain open, but the company plans to reject several leases and vendors face strained relationships, signaling a multi-year turnaround ahead.

via Retail Dive|
#business#chapter-11#financing-package
Saks Global files for Chapter 11 protection amid cash squeeze
business1 month ago

Saks Global files for Chapter 11 protection amid cash squeeze

Saks Global, owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy protection after a cash shortage and failed financing attempts. Geoffroy van Raemdonck was named CEO, and the company secured about $1.75 billion in financing to support a possible reorganization, with potential outcomes ranging from a strategic sale to liquidation of some brands and stores as bankruptcy proceedings unfold.

via CNBC|
#business#chapter-11#dip-loan
Saks Takes Chapter 11 Path to Stabilize Debt Load
business1 month ago

Saks Takes Chapter 11 Path to Stabilize Debt Load

Saks Global Enterprises filed for Chapter 11 bankruptcy to address mounting losses and a hefty debt load, securing about $1.75 billion in financing (including $1 billion of debtor-in-possession financing and $500 million on emergence) and naming Geoffroy van Raemdonck as CEO to reevaluate its footprint; Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores will remain open, with the company pledging to honor customer programs and payroll during the restructuring, marking a pivotal moment after years of leveraged-finance-driven growth.

via Bloomberg.com|
#bankruptcy#business#chapter-11
iRobot Files for Bankruptcy and Plans to Go Private
business2 months ago

iRobot Files for Bankruptcy and Plans to Go Private

iRobot, the maker of Roomba robotic vacuums, has filed for Chapter 11 bankruptcy protection amid financial struggles and a failed acquisition by Amazon. The company is being acquired by Picea through a court-supervised process, which aims to strengthen its financial position and ensure continuity for customers and partners. iRobot expects to complete the restructuring by February with no disruptions to its operations.

via AP News|
#bankruptcy#business#chapter-11