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Eddie Bauer Holdings, Inc. (EBHI) has voluntarily initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware and under the Companies' Creditors Arrangement Act (CCAA) in Canada in the Ontario Superior Court of Justice, and is pursuing a sale process under Section 363 of the Bankruptcy Code and under the CCAA.
The Company has entered into an asset purchase agreement with an affiliate of CCMP Capital Advisors, LLC to buy the Company's assets through a bankruptcy process, subject to an auction and Bankruptcy Court approval, for $202 million in cash, with working capital and similar adjustments. CCMP Capital, a global private equity firm with significant experience in the retail and consumer sectors, intends to operate the business as a going concern with little or no long-term debt. CCMP Capital has agreed to keep the majority of the stores open and retain the majority of the employees; support Company motions to maintain critical vendor relationships and payments; and support Company motions to honor gift cards and the Company's loyalty reward program.
The Company has secured a commitment from its existing revolving credit lenders, Bank of America, N.A., GE Capital Corporation and CIT Group/Business Credit, Inc. for so-called Debtor-in-Possession (DIP) financing of $90 on an interim basis and $100 million based on final court order, which it believes will provide ample liquidity to meet its ongoing obligations during the sale process.
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