In the November 15th edition of Law360, Matt Chiappardi reports on U.S. Bankruptcy Judge Brendan L. Shannon confirming sexual health and wellness retailer Peekay Acquisition Inc.’s Chapter 11 plan that centers on a $30 million sale to senior lenders in Sexual Health Chain Peekay Wins Ch. 11 Plan Confirmation.
The article notes that Judge Shannon commended the attorneys from Landis Rath & Cobb with running an efficient and “very, very positive” case. He also praised the LRC attorneys for “bringing it from filing to confirmation in roughly 90 days with minimal conflicts not only saved money for the cash-strapped retailer but also preserved jobs for the debtor’s employees as the company is expected to continue on as a going concern.”
The Chapter 11 plan folds in a sale to a group of Peekay’s senior secured lenders, for consideration comprising a $30 million credit bid that allows to keep the 46-store chain and online retail operation to reorganize and continue its business operations.