August 22, 2018 / 11:03 PM / a month ago

Oaktree runs afoul of intercreditor agreements in Claire's Ch. 11-lawsuit

Oaktree Capital Management LP is breaking creditor agreements by opposing Claire’s Stores Inc’s push to exit bankruptcy next month, according to a lawsuit against the largest holder of the jewelry and accessories chain’s second-lien debt.

In an adversary complaint filed on Tuesday in of Claire’s Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware, Bank of New York Mellon Trust Co NA and Wilmington Trust, National Association, respective collateral agents for first-lien notes and a first-lien loan, argued Oaktree was violating intercreditor agreements by contesting Claire’s restructuring agreement since April.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2w7hkdl

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