July 17, 2018 / 10:37 PM / 10 months ago

Claire's, Oaktree trade blows over retailer's push to exit Chapter 11

Claire’s Stores Inc and the largest holder of its second-lien notes are in a bitter dispute over a rights offering the jewelry and accessories chain famous for its ear-piercing service plans in order to raise funds to help it emerge form bankruptcy.

Last week, Oaktree Capital Management in papers in U.S. Bankruptcy Court in Delaware blasted Claire’s planned offering, arguing it amounts to an insider deal favoring Apollo Management Holdings LP, the controlling shareholder of the Hoffman Estates, Illinois-headquartered retailer.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2uIFiu1

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