Many Factors Finding Buyers For MGR Unsecured Claims
NEW YORK -- An active market is emerging for the trading of unsecured claims of Merry-Go-Round Enterprises, with many factors opting to sell out for about 82 cents on the dollar rather than wait for the retailer to emerge from Chapter...
NEW YORK -- An active market is emerging for the trading of unsecured claims of Merry-Go-Round Enterprises, with many factors opting to sell out for about 82 cents on the dollar rather than wait for the retailer to emerge from Chapter 11.
Market sources said Tuesday that CIT Group has sold its $3.4 million claim for 82.5 cents on the dollar, Republic Factors dealt its $2.4 million claim and Congress Financial is on the verge of selling its $2.7 million claim, also in the low 80-cent range.
Heller Financial Inc., with a claim of about $3.7 million, is negotiating to sell its claim. Frank Bongiovanni, executive vice president, of Heller, said that he has been contacted, but has not yet sold the claim.
The trading of claims against bankrupt companies has evolved into a $10 billion market in recent years, as sellers seek to cash out claims to investors willing to wait out the bankruptcy process or with a desire to use the debt to take control of the troubled company.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)