Business
The Bon-Ton Stores, Inc. Announces Bankruptcy Court Approval of Winning Bid
The Bon-Ton Stores, Inc. Announces Bankruptcy Court Approval of Winning Bid.
About this update from Bonton Stores
[{"type":"text","content":"\n\n\n\nThe Bon-Ton Stores, Inc. Announces Bankruptcy Court Approval of Winning Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nThe Bon-Ton Stores, Inc. Announces Bankruptcy Court Approval of Winning Bid\nPR Newswire\nMILWAUKEE, April 18, 2018\n\n\n\nMILWAUKEE, April 18, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (OTCQX: BONT) (\"the Company\") today announced that the U.S. Bankruptcy Court for the District of Delaware has approved an asset purchase agreement between the Company and a joint venture composed of the holders of the Company's 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC. Under the approved agreement, the joint venture group will acquire the inventory and certain other assets of the Company. The joint venture was the winning bid in an auction held pursuant to Section 363 of the U.S. Bankruptcy Code on April 16-17, 2018.\n\nThe Company is committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on associates, customers, vendors and the communities we serve.  The Company's stores, e-commerce and mobile platforms under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates will remain open throughout the store closing sales. \n\nAs previously announced, on February 4, 2018, Bon-Ton and its subsidiaries filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. \n\nAdditional Information\n\nAdditional information is available on the Company's restructuring website at bontonrestructuring.com. Court filings and other documents related to the court-supervised process are available at https://cases.primeclerk.com/bonton or by calling the Company's claims agent, Prime Clerk, at (844) 253-1011 (toll-free in the U.S.) or (347) 338-6537 (for parties outside the U.S.).\n\nPaul, Weiss, Rifkind, Wharton & Garrison LLP is acting as the Company's legal...