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Finlay Enterprises, Inc. (FNLY) and several of its wholly-owned subsidiaries have filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in Bankruptcy Court for the Southern District of New York.
The Company, in collaboration with its financial advisor, Alvarez & Marsal, has decided to pursue an auction and sale process in order to maximize value for stakeholders. In connection therewith, the Company also announced that it has entered into an agency agreement with Gordon Brothers Retail Partners, LLC pursuant to which Gordon Brothers will act as the Stalking Horse bidder in connection with an auction that the Company intends to conduct for its business and assets. The agency agreement and the outcome of the auction are subject to approval by the Court.
In addition, the Company has filed a variety of motions with the Court that, with Court approval, will allow it to continue to conduct business in the ordinary course without interruption.
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ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.
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