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BCBG Max Azria Gets Bankruptcy Loan as Chain Plots Asset Sale

By Tony Seruga

Judge allows fashion house to borrow $15 million in financing
Company plans to sell ‘some or all’ assets at auction in May

Fashion house BCBG Max Azria got court permission to borrow $15 million to help carry it through a bankruptcy process that will culminate in an asset auction.

U.S. Bankruptcy Judge Shelley C. Chapman said at a hearing Thursday in Manhattan that she would approve the initial debtor-in-possession financing. Vernon, California-based BCBG will to return to her court later to seek an additional $30 million.

The company needs the money so it can continue selling inventory to pay creditors, who are owed $459 million, according to a court filing. BCBG said it’s soliciting bids for the sale of “some or all” of its assets at a May auction. Chapman must approve any sale procedures…

BCBG Max Azria Gets Bankruptcy Loan as Chain Plots Asset Sale

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