February 5, 2020 / 8:49 PM / 19 days ago

IN BRIEF: Bankruptcy judge OKs stalking-horse bid, fast sale for Forever 21

The judge overseeing Forever 21’s Chapter 11 bankruptcy proceedings on Tuesday designated an $81 million “going concern” offer as the bid to beat, set Friday as the deadline for competing offers and scheduled an auction for Monday if any qualifying bids are received.

U.S. Bankruptcy Judge Kevin Gross in Delaware granted the Jan. 30 motion by Forever 21’s attorneys at Kirkland & Ellis and Pachulski Stang Ziehl & Jones to approve the expedited sales procedure and the stalking-horse bidder, revealed Monday as a consortium of the two of the chain’s brick-and-mortar landlords, Simon Property Group and Brookfield Property Partners, and the licensing firm Authentic Brands.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Uu9gQM

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