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Aerosoles $23 million stalking horse selection OK’d; auction Thursday
By Caroline Salls
Pittsburgh, Feb. 14 – AGI HoldCo, Inc., which does business as Aerosoles, received court approval to select Alden Global Capital, LLC as the stalking horse bidder for substantially all of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
Alden Global has agreed to pay $23 million for the assets and to assume related liabilities.
If the stalking horse bidder is not ultimately the winning bidder, it will receive $450,000 in bid protections.
The minimum overbid amount will be $500,000.
The auction is scheduled for Feb. 15.
Aerosoles is an Edison, N.J.-based global footwear company. The company filed bankruptcy on Sept. 15, 2017 under Chapter 11 case number 17-11962.
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