Business
The Bon-Ton Stores, Inc. in Discussions with Going-Concern Bidder
The Bon-Ton Stores, Inc. in Discussions with Going-Concern Bidder.
About this update from Bonton Stores
[{"type":"text","content":"\n\n\n\nThe Bon-Ton Stores, Inc. in Discussions with Going-Concern Bidder\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. in Discussions with Going-Concern Bidder\nBid Deadline for Bankruptcy Court-Supervised Sale Process Extended Until April 4, 2018\nAll Bon-Ton Stores Remain Open and Serving Customers\nPR Newswire\nMILWAUKEE, March 30, 2018\n\n\n\nMILWAUKEE, March 30, 2018 /PRNewswire/ -- The Bon-Ton Stores, Inc. (OTCQX: BONT) (\"the Company\") today announced that it is in active discussions with interested parties in respect of a going-concern bid to acquire the Company in a Bankruptcy Court-supervised sale process. As a result of these discussions, Bon-Ton sought and received approval from its lenders to extend the deadline for submitting qualified bids from April 2, 2018, to April 4, 2018. Bon-Ton will evaluate all qualified bids with the assistance of its advisors to determine which bids maximize value for the Company and all of its stakeholders. \n\nThere can be no assurances that discussions with these interested parties will lead to a definitive agreement being reached on any transaction. \n\nThe Company expects to conduct an auction pursuant to section 363 of the U.S. Bankruptcy Code on April 9, 2018, after which a Court hearing will take place to approve a sale on April 13, 2018.\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. 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 are open and operating as usual. \n\nAdditional Information  Additional 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 t...