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Bankruptcy
: Georgia Bankruptcy BlogLiquidation Company Buys Assets of Bankrupt Retailer, Then Files Its Own Bankruptcy Petition
By Scott Riddle
From the Detroit Free Press:
BH S&B Holdings, an entity formed to buy bankrupt retailer Steve & Barry's LLC out of bankruptcy for $163 million, sought court protection itself, citing the deteriorating U.S. economy. BH S&B Holdings, created by hedge funds and former owners of Steve & Barry's, filed for bankruptcy protection today in Manhattan federal court.
The petition for Chapter 11 reorganization listed $100 million to $500 million in debt and assets. BH S&B Holdings, formed to purchase the retailer in August, includes Bay Harbour Management LC and York Capital Management, with Steve & Barry's co-founders Steve Shore and Barry Prevor as investors...
Full post as published by Georgia Bankruptcy Blog on November 21, 2008 (boomark / email).
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