April 28, 2018 / 1:59 AM / 7 months ago

Oaktree decries marketing campaign for bankrupt retailer Claire's

Oaktree Capital Management LP on Friday blasted how Claire’s Stores Inc is shopping itself to potential buyers, charging in court papers the effort is being rushed to bolster a restructuring support agreement harming the bankrupt jewelry and accessories chain’s junior bondholders.

According to court papers filed by Oaktree, the largest holder of Claire’s second-lien notes, estate assets are being used to market the teen-oriented retailer without court approval and to comply with terms of the restructuring support agreement that are “anathema to the concept of fostering a competitive bidding process.”

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HC2zmw

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