December 23, 2014
Partners James S. Carr, Eric R. Wilson and Robert L. LeHane are noted as counsel to dELia*s Inc. unsecured creditors committee in the Law360 article “Delia's Reaches Tentative Creditor Deal On $20M DIP.” The article discusses a provisionary agreement from the unsecured creditors of dELia*s to settle concerns that a $20 million bankruptcy loan would let lender Salus Capital Partners LLC receive too much of the retailer’s liquidation. The terms of the proposed deal state that $18.5 million of dELia*s liquidation would go to paying Salus for preexisting loans. If Salus approves, the agreement will avoid the possibility of a dispute among the unsecured creditors over whether dELia*s can fund its wind-down on existing cash and collateral alone.
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