New Delaware Chapter 11 Filing – Sports Authority (TSA Stores, Inc.)
On March 2, 2016, Sports Authority Holdings, Inc. and six of its affiliates filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (lead case 16-10527). The cases have been assigned to the Honorable Mary F. Walrath. Among other things, the debtors have filed motions to enter into a store closing agreement with Gordon Brothers Retail Partners, LLC and Tiger Capital Group, LLC, pay critical vendors and to obtain $595 million in debtor-in-possession financing. The petition for the lead debtor (including the consolidated list of top 50 creditors) and the declaration in support of the first day pleadings are available through Kurtzman Carson Consultants. The debtors have also filed a press release regarding their restructuring efforts.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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