Reports: Only bids moving forward for Bon-Ton are for liquidation
17 April, 2018, 22:34
One liquidator group estimated their initial bid was worth about $650 million, according to a creditor representative.
Reuters news service is reporting this today that sources are saying the only corporate bidders in court-supervised auction were liquidators. On Monday evening, Kelley Cornish of Paul Weiss for the debtors began the auction by announcing the Hilco/Gordon Brothers bid as the stalking horse bid; counsel for the stalking horse bidder then bid 31 cents of retail value for the inventory, sources say. The second lien noteholders' joint bid is for all of the debtors' assets, including real estate.
If Bon-Ton is shuttered, it would be a major blow to its employees and to retail centers around the state.
Bon-Ton, a bankrupt chain of 200 regional department stores with almost 20,000 employees, had been working with US mall owners Namdar Realty Group and Washington Prime Group, Inc.to secure a bid that would have kept open a large portion of Bon-Ton locations.
A U.S. Bankruptcy Court judge must still approve any liquidation deal.
Younkers has had a presence in the Siouxland market since 1947 when it acquired Davidson Brothers Co., a regional chain that once boasted locations in Le Mars and Sioux Falls in addition to its Sioux City flagship store.
Referred to as "market cap", it is determined by doubling a company's shares outstanding by the current market price of one share. Laurion Management LP has 0% invested in The Walt Disney Company (NYSE:DIS). (NYSE:PKI) shares were sold by Wilson Frank Anders .
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