September 12, 2019 / 1:55 AM / 3 days ago

Unsecured creditors say loan for Avenue Stores advances sale too quickly

Unsecured creditors of Avenue Stores LLC on Wednesday rallied against its bid for an order approving its bankruptcy loan, saying in a filing that terms of the loan would effectively liquidate the women’s apparel retailer without regard to the interests of other stakeholders.

Avenue Stores’ proposed $12 million debtor-in-possession loan from PNC Bank would not help maximize returns for other creditors because its terms leave little time for the retailer to market its e-commerce business while it shuts its remaining brick-and-mortar stores, the unsecured creditors’ committee said in its filing in U.S. Bankruptcy Court in Delaware.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2kFjyhx

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