Hedge Fund’s $26.2M Bid Tops Ch. 11 Auction For Aerogroup

February 17th, 20188:15 am @


Law360 (February 16, 2018, 8:28 PM EST) — Hedge fund Alden Global Capital emerged as the apparent winning bidder in Delaware on Friday for bankrupt shoe retailer Aerogroup International Inc., with a $26.175 million bid that capped a nearly 24-hour, sometimes “testy,” marathon auction.

Gregg M. Galardi of Ropes Gray LLP, counsel to Aerogroup, said Alden’s final bid could make $22.5 million available to the estate. The distribution breakdown from the cash pool, however, remains a potential point of friction, and has yet to be disclosed.

U.S. Bankruptcy Judge Kevin Carey reserved final…

Article source: https://www.law360.com/mergersacquisitions/articles/1013604/hedge-fund-s-26-2m-bid-tops-ch-11-auction-for-aerogroup