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Aug

08

Aeropostale Cleared to Seek Bankruptcy Rescue From Versa Capital

By Tony Seruga

Retailer, lenders resolve fight that threatened potential sale
Company, Versa seek to reach ‘stalking horse’ deal by Aug. 11

Aeropostale Inc. settled a dispute with lenders that threatened to scuttle a potential bid from a Versa Capital Management unit to buy the teen-clothing chain out of bankruptcy.

Versa Capital Fund III is working with Aeropostale to make a binding opening offer for its assets at an auction. The retailer won court approval Monday to pay expenses the Versa affiliate has incurred preparing the so-called staking horse bid, clearing the way for the companies to possibly reach a deal on the offer by Aug. 11. Competing bids would be due by Aug. 18 and the auction would be held Aug. 22…

Aeropostale Cleared to Seek Bankruptcy Rescue From Versa Capital

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