In re: Peekay Acquisition, LLC, Case No. 17-11722 (BLS)

LRC served as sole counsel to Peekay Acquisition, LLC and sixteen other affiliated entities (collectively, “Peekay”) in their chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Peekay is a leading specialty retailer of a broad selection of lingerie, sexual health and wellness products and accessories.  The company owns and operates nearly fifty retail stores across six states under the brand names “Christals,” “Lovers,” “ConRev” and “A Touch of Romance.”  LRC advised Peekay in all aspects of the bankruptcy cases, including, through an extensive marketing process which resulted in the sale of substantially all assets to an affiliate of Peekay’s pre-petition senior secured lenders.  During the chapter 11 cases, LRC also assisted the Debtors in negotiating settlements with certain key stakeholders that resulted in the resolution of various disputes relating to the sale and the Debtors’ use of cash collateral.  These settlements paved the way for a fully consensual sale and conclusion to the chapter 11 cases through a plan of liquidation (the “Plan”).  LRC assisted Peekay in negotiating, documenting and prosecuting the Plan to implement and obtain approval of the settlements and sale.  The Plan was confirmed by the Bankruptcy Court on November 15, 2017 and went effective on November 22, 2017.

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