June 26, 2017
Unsecured creditors will now collect $32,316,000 from a $20 million payment from Golden Gate Capital and Blum Capital and the rest from the estate of Payless in a settlement which will give the two P.E. firms a complete release from all other claims regarding their two dividend payments totaling $350 million plus fees totaling another $50 million or so from the bankrupt shoe retailer.
The 370-store chain, which was acquired by Golden Gate Capital at a bankruptcy auction in 2009 with a cash bid of $286 million, has hired Guggenheim and Fianco to explore strategic alternatives, including a possible sale, according to Reuters.
The trademarks, websites and e-mail names were acquired by SDI Enterprises for $76,102 at an auction conducted by Hilco Steambank, which sent out 10,000 e-mails in a blast, made some calls and elicited four total bids.
The youth sports team management platform, which raised $25 million earlier this year, acquired the Jefferson City, MO, software company and its 15-member team, the Denver Post reported.