Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Peekay Boutiques Chapter 11 Petition Filed

Peekay Boutiques (f/k/a Dico and d/b/a Lovers and A Touch of Romance) and 16 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-11722 (Peekay Acquisition). The Company, which is a retailer of lingerie, sexual health and wellness products and accessories, is represented by Adam G. Landis of Landis Rath & Cobb. According to documents filed with the Court, "The Debtors' objective in these Chapter 11 Cases is the same as it has been since the middle of 20L5 when it became evident that the Company did not have sufficient liquidity to service its debt obligations--to restructure the Company's balance sheet in order to maximize the value of the Company's assets for the benefit….With those goals in mind, beginning in May 2015, the Company and its professional advisors engaged in multiple restructuring initiatives to address the Company's balance sheet, including exploring an initial public offering of the Company's stock, multiple out-of-court restructuring proposals, and an extensive marketing and sale process to find a purchaser for the Company's assets….Ultimately, however, no executable transaction came from these extensive marketing efforts, including the most recent letter of intent, which terminated in July 2017, precipitating these Chapter 11, Cases."

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