Versa to acquire The Wet Seal

Versa Capital Management LLC will be acquiring the business of apparel retailer The Wet Seal. No financial terms were disclosed. Versa won a bid to buy Wet Seal in an bankruptcy auction. Klee, Tuchin, Bogdanoff & Stern LLP, Paul Hastings LLP and Houlihan Lokey Capital are advising Wet Seal while Klehr Harrison Harvey Branzburg LLP and KPMG LLP are advising Versa. Wet Seal filed for Chapter 11 bankruptcy in January.


Sycamore Partners acquires bankrupt Coldwater Creek retail brand

Sycamore Partners said Monday that it has bought the Coldwater Creek brand and other intellectual property. No financial terms were disclosed. The firm plans on re-launching Coldwater Creek, a women’s clothing retailer that filed for bankruptcy, as an independent portfolio company.


Green Field sells assets to Gordon Brothers Group

Green Field, an oilfield service firm based in Lafayette, Louisiana, has sold its equipment and inventory assets to Gordon Brothers Group. No financial terms were disclosed. Carl Marks served as an investment banker to Green Field on the transaction. Green Field filed for bankruptcy last October.


The Catalyst Group completes acquisition of Advantage Rent a Car assets

Canadian private equity firm The Catalyst Group has completed the acquisition of specific assets of Advantage Rent a Car from Simply Wheelz, a subsidiary of Franchise Services of North America. No financial terms were disclosed for the 363 sale that includes operations at 37 airports. Simply Wheelz filed for bankruptcy protection last November.

Gordon Brothers to liquidate Green Field Energy Services assets

Gordon Brothers Group, a Boston-based advisory, restructuring and investment firm, has received approval by bankruptcy court to sell all assets formerly owned by Green Field Energy Services. A well service provider specializing in turbine-powered hydraulic fracturing services, Green Field filed for bankruptcy on October 27, 2013. The company’s assets are valued at more than $250 million.

Photo by Allison Joyce of Reuters

Kleiner-Backed Fisker Mulls Bankruptcy as Investor Search Persists

Hybrid automaker Fisker Automotive has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing, a source said on Thursday, while executives continue their search for a strategic investor. The company, founded in 2007, has raised more than $1 billion in venture capital, including $103.67 million last September 2012 from Advanced Equities Inc., Kleiner Perkins Caufield & Byers and New Enterprise Associates.

30 FBI Agents Search Solyndra Offices, Lawmakers Probe Solar Company’s $535M Loan Guarantee

(Reuters) – FBI agents searched the offices of Solyndra on Thursday, the U.S. solar startup that received millions of dollars in federal loan guarantees before filing for bankruptcy this week.

The search comes amid intensifying pressure on the Obama administration, which championed Solyndra as being at the forefront of solar technology when President Barack Obama visited the company’s Fremont, Calif., facility in 2010.

The FBI said it was searching for materials, including documents, but did not offer more specifics.

“We are executing search warrants at Solyndra regarding …

Claim Jumper Restaurants LLC Files For Chapter 11 Bankruptcy Protection

(Reuters) – Claim Jumper Restaurants LLC filed for a pre-packaged bankruptcy in a Delaware court on Friday and said it agreed to sell all of its assets and operations to an affiliate of Canyon Capital Advisors LLC. In its Chapter 11 petition, the Irvine, California-based company listed assets in the $50-$100 million range and liabilities […]

GSC Group and Six Affiliates File For Bankruptcy Protection

(Reuters) – Privately held alternative asset manager GSC Group Inc, a former unit of Travelers Group Inc, filed for bankruptcy in a Manhattan court and said it plans to sell all its assets. The company was founded in 1994 by Alfred Eckert as a subsidiary of Travelers to invest in private equity transactions but became […]

A Lonely PE-Backed Bankruptcy in March; Only Six This Year

By our count only six private equity-backed companies have filed for Chapter 11 bankruptcy protection in 2010. That’s a far from cry the 24 that occurred in the first quarter of 2009.

In fact, in all of March, there was just a single private equity-backed bankruptcy, which occurred this week. St. Louis-based Electrical Components International Inc., which in 2007 received a $75 million equity investment by Francisco Partners, filed for bankruptcy protection yesterday.I think this is a pretty good sign, considering we recently learned that PE-backed companies are more likely to default (but also more likely to recover). It seems to follow that if the bankruptcy rate of debt-laden companies is dropping, that bodes well for the rest of the economy. Then again, there are a lot (LOT) of debt-laden companies that haven’t even begun to imagine how they’ll go about repaying it. That’s for 2014 my friends…

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