Bloomberg reports that Aeropostale Inc. settled a dispute with lenders that threatened to scuttle a potential bid from a Versa Capital Management unit to buy the teen-clothing chain out of bankruptcy.
Versa Capital Fund III is working with Aeropostale to make a binding opening offer for its assets at an auction, according to the Bloomberg article. The retailer won court approval Monday, Aug. 8 to pay expenses the Versa affiliate has incurred preparing the so-called staking horse bid, clearing the way for the companies to possibly reach a deal on the offer by Aug. 11.
Read the entire Bloomberg article: Aeropostale Cleared to Seek Bankruptcy Rescue From Versa Capital.