GBG USA Files for Bankruptcy
Global Brands Group’s U.S. subsidiary, GBG USA Inc. and 10 related entities, have filed for chapter 11 in So. NY federal bankruptcy court, listing $1 to $10 billion in both assets and liabilities. The Group’s global Brand Management and European wholesale businesses are separate entities and are not included in the filing. GBG USA has a stalking horse bidder for the Aquatalia brand and business, WH AQ Holdings LLC (as purchaser) and Hilco Brands LLC (as guarantor), who have filed a $17.3 million asset purchase agreement for those assets. GBG also received $16 million in DIP financing from ReStore Capital ... Log in to view full article.