Sycamore Partners confirms bid for bankrupt Aeropostale
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A customer enters an Aeropostale store in Broomfield, Colorado, United States May 14, 2015. REUTERS/Rick Wilking/File Photo
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By Jim Christie
SAN FRANCISCO (Reuters) - Sycamore Partners on Monday confirmed it submitted a bid for Aeropostale Inc after a judge issued an opinion rejecting the teen-focused retailer's attempt to block an offer and blame its bankruptcy on the private equity firm.
Aeropostale owes $151 million to two Sycamore affiliates, Aero Investors LLC and MGF Sourcing Holdings Ltd, and had sought to preempt a credit bid by them.
Credit bidding allows creditors to offer what they are owed rather than cash to acquire companies.
A representative for Sycamore said the firm made an offer for Aeropostale at the retailer's auction on Monday but declined to say if the offer was a credit bid.
Reuters on Friday reported the firm and liquidators, companies that wind down business, would make offers for the retailer.
Aeropostale in court papers last month argued for a court order denying Aero, a lender, and MGF, a supplier, an opportunity to credit bid their claims.
Aeropostale charged the affiliates had caused liquidity and inventory troubles in an effort to strain the company's finances and drive it into bankruptcy.
Aeropostale filed for Chapter 11 bankruptcy in May.
(Reporting by Jim Christie; Editing by Bernard Orr)
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Create E-mail Alert Related CategoriesMergers and Acquisitions, Private Equity, Reuters
Related EntitiesBankruptcy, Definitive Agreement
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