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Looks to me the 2's/3's wont be around to much longer.Dismissal first bump.Roll in 2nd bump or news before the court date/roll in.Not much of a risk at these levels.Worth a shot for bk playas.
Glassy,Keep an eye on ebhi for a trade.Filed bk and closed down .05 at .18.It does not look like a liqidation and the end from the potential buyer info.http://www.ccmpcapital.com/
Agree:
Eddie Bauer Files for Chapter 11 Bankruptcy Protection; Enters Into Bid Agreement With Private Equity Firm That Plans
Partner CCMP Capital Plans to Maintain Business as a Going Concern
SEATTLE, June 17 /PRNewswire-FirstCall/ -- Eddie Bauer Holdings, Inc. (NASDAQ:EBHI) ("the Company") today announced that it has voluntarily initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware and under the Companies' Creditors Arrangement Act (CCAA) in Canada in the Ontario Superior Court of Justice (Commercial List), and is pursuing a sale process under Section 363 of the Bankruptcy Code and under the CCAA.
The Company has entered into an asset purchase agreement with an affiliate of CCMP Capital Advisors, LLC ("CCMP Capital") to buy the Company's assets through a bankruptcy process, subject to an auction and Bankruptcy Court approval, for $202 million in cash, with working capital and similar adjustments. CCMP Capital, a global private equity firm with significant experience in the retail and consumer sectors, intends to operate the business as a going concern with little or no long-term debt. CCMP Capital has agreed to:
-- Keep the majority of the stores open and retain the majority of the employees; -- Support Company motions to maintain critical vendor relationships and payments; and -- Support Company motions to honor gift cards and the Company's loyalty reward program.
The sale process is expected to enable a sale of the business to CCMP Capital or any higher and better bidder approved by the Court on an accelerated basis, thereby transforming the business into a financially stronger entity with substantially less debt and a better position for the future. The Company currently anticipates completing the sale process in 60 days or less.
All of the Company's operations, including its 371 stores, catalog operations and its online sites (http://www.eddiebauer.com/ and http://www.firstascent.com/) are open and serving customers. The Company plans to conduct business as usual through the process and has asked for court approval to continue paying product vendors and employees as usual. The Company intends to honor customer gift cards, returns and loyalty program points.
Neil Fiske, President and Chief Executive Officer of Eddie Bauer, said, "Eddie Bauer is a good company with a great brand and a bad balance sheet. This process will allow the business to emerge with far less debt, positioned for growth as the economy recovers and as our new products gain traction. We expect this process to be completed very quickly, protecting our employees and critical vendor partners every step of the way.
"We have made good progress on our turnaround strategy of returning Eddie Bauer to its heritage as an active outdoor brand and have exciting new product launches on the way to market, including First Ascent, our return to expedition-grade outerwear and gear. Unfortunately, a crushing debt burden placed on the Company from the Spiegel reorganization in 2005, combined with the severe, prolonged recession, have left us with no choice but to use this process to reduce the debt load on the business." For additional background, a statement from Mr. Fiske is attached.
The Company has secured a commitment from its existing revolving credit lenders, Bank of America, N.A., GE Capital Corporation and CIT Group/Business Credit, Inc. for so-called Debtor-in-Possession (DIP) financing of $90 on an interim basis and $100 million based on final court order, which it believes will provide ample liquidity to meet its ongoing obligations during the sale process.
In April 2009, the Company negotiated an amendment with its senior term loan lenders that provided short-term relief on its loan covenants. The Company explored various paths for restructuring its balance sheet, but was ultimately unable to reach an agreement.
The Company has filed customary "First Day" motions seeking Bankruptcy Court approval of various types of relief designed to support its employees, customers and suppliers during the sale process, including motions to allow the Company to continue to pay suppliers under normal terms for goods and services; to pay its employees in the usual manner and to continue without disruption their primary benefits; and to continue the Company's customer programs including its gift card, merchandise return, Friends and other programs.
The Company's legal advisor is Latham & Watkins LLP; its financial advisor is Peter J. Solomon Company; and its restructuring advisor is Alvarez & Marsal. CCMP Capital's legal advisor is Weil, Gotshal & Manges LLP.
Additional information on the restructuring is available on the Company's website at http://investors.eddiebauer.com/.
About Eddie Bauer
Hey Legal,Watching ebhi also.Vague as usual.Need to know if liquidation or re-structure during bk.World of difference. Eddie Bauer Files For Chapter 11 Bankruptcy Protection
Last update: 6/17/2009 1:45:26 PM
By Rachel Feintzeig
Of DOW JONES DAILY BANKRUPTCY REVIEW
Retailer Eddie Bauer Holdings Inc. (EBHI) sought Chapter 11 bankruptcy protection Wednesday with plans to sell its assets.
The Bellevue, Wash., company said its board of directors had agreed to pursue a sale of its assets to an entity known as Rainier Holdings LLC at a special meeting held Tuesday.
The Wall Street Journal reported earlier Wednesday that the buyer behind the purchasing vehicle is private-equity firm CCMP Capital Advisors LLC.
In papers filed with the U.S. Bankruptcy Court in Wilmington, Del., Eddie Bauer blamed a heavy debt load, "liquidity constraints" and fear that vendors may cut off the flow of the company's merchandise into its stores for its Chapter 11 filing. It also said it was concerned that it would not be able to comply with the covenants of its $225 million senior term loan, and that it had failed to refinance its existing debt.
The company listed assets of $476 million and total liabilities of $426.7 million in its Chapter 11 petition.
The company indicated that it will seek a bankruptcy loan from a group of lenders led by Bank of America (BAC).
This is Eddie Bauer's second trip to bankruptcy court. Its former owner, Spiegel Inc., sought bankruptcy protection in 2003, after leading Eddie Bauer away from its mountaineering gear-roots and into the market for casual women's wear. Recently, the company said it was turning its concentration back to tents, backpacks and parkas.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Rachel Feintzeig, Dow Jones Daily Bankruptcy Review; 202-862-1358;
rachel.feintzeig@dowjones.com
(END) Dow Jones Newswires
Hey Langeeee,Please let me know any.75-3.00 big boards that look good.Not flips.Cutting back but.....HeHe Bob :))
Nail them around those points.Watch what the general markets are doing at that time also.Bob :))
Its a hard time with the peer pressure.It is a 100% different than when we were growing up.They are also fined big time from when we were growing up.It is a money making situation for the authorities.I know.
Have any teens giving you drinking problems????That is my reason for laying low the next few months.I work 28 hrs a day between my biz and the markets..Have to take care of the situation.I do have a few friends that are big players off ihub that are frequent traders that I will take care of.Watching and Posting as need be.Life is short.Already got the money part.Bob
Will watch.Numbers game is never ending.Addicted even in peril
Biggie,Bacon and Alcohol cure all evils.lol Bob:)PS:Didn't vanish
Nah,Tied up with teen problems.Not doing much of anything.Watching the stocks I told you about to bottom.Then I will hittem.Not trolling around as my one kid is.Dogs are great.lol Bob
I need time off to get my kid inline.I will be around because I have some friends off ihub that are big playas that need me also.Shouldn't have gotten them used to makin $$$.Giving type of guy unfortunately.HaHa
Glassy,You know I am a big fan of psun.Just not yet.I have a biz friend that wants to lay 50k into the situation.We follow it closely.Could you post a new chart with fibs.Time is on our side.Always getting those emails.Bob :))
Langy,Keep an eye on the mall developers~pei/grt/ddr/cbl and ggwpq.Should bottom technically soon.Psun/Bont/wave and dcnmq are also on my current list.Back soon.
Harr~Not a bad start for a clean shell.Have seen many with no sales roll in with a hope and a prayer move to pennies and teens.Out for a while~H L Seafood, Inc
101 W 2nd St, Chaska, MN 55318-2087
Contact Phone: (952) 361-3123
URL (web address):
Business Category: Whol Fish/Seafood in Chaska, MN
Industry (SIC): Fish and Seafoods
This company profile is for the private company H L Seafood, Inc , located in Chaska, MN. H L Seafood, Inc's line of business is whol fish/seafood.
Company Name: H L Seafood,
Address: 101 W 2nd St, Chaska, MN 55318-2087 (Map)
Alt Business Name:
Location Type: Single Location
Est. Annual Sales: $1,100,000
Est. # of Employees: 5
Est. Empl. at Loc.: 5
Year Started: 2007
State of Incorp: MN
SIC #Code: 5146
Contact's Name: Howard Lapides
Contact's Title: Chief Executive Officer
NAICS: Fish and Seafood Merchant Wholesalers
Data above provided by D&B.
Click on the reports tab at the top of the page to research company background, detailed company profile, credit and financial reports for H L Seafood, Inc.
May take you up on that.Seriously
Yeah Glassy,Wave was one of those quiet creepers that popped from my original.28/.30 interest.Having some issues with my older teen.Will be checking in through the summer.As you know I was working 28 hours a day between the biz and the markets.You know the rest...Bob PS:My Psun/Pei are getting close for a great trade at the minimum.
Hey Rev,Nice move since we talked in the .28/.30 range.A little patience pays.Nice
Thanks,Wave had the makings of a run coming with the ceo putting up 10 million of his own money for a credit line.If I recall correctly their were also nominated for an award for their packetvideo software.
From Friday~Pinksheet Bankrupt Companies
Share Volume Leaders ** Bankrupt companies are identified by fifth letter 'Q'
Symbols Company Name Share Vol. ($) Vol. Last Net
GMGMQ GENERAL MOTORS CORP 68,388,745 $78,484,032 1.18 -0.11
SSCCQ SMURFIT STONE CONTAINER CO 15,571,921 $3,443,018 0.195 -0.075
GGWPQ GENERAL GROWTH PROPERTIES 6,204,958 $12,713,925 2.07 -0.25
WAMUQ WASHINGTON MUTUAL INC 5,596,793 $548,546 0.099 0.001
XKEMQ XECHEM INTERNATIONAL INC 5,082,595 $2,294 4.0E-4 -0.0001
DCNMQ DNC MULTIMEDIA CORP 4,954,632 $1,333 3.0E-4 0
EPRTQ ESPRE SOLUTIONS INC NEW 4,571,134 $1,677 5.0E-4 0.0003
HAYZQ HAYES LEMMERZ INTERNATIONA 3,602,241 $344,794 0.0925 -0.0175
ABWTQ ABITIBIBOWATER INC 3,071,989 $597,680 0.185 0.005
SPSNQ SPANSION INC 2,262,703 $254,563 0.105 -0.02
LEHMQ LEHMAN BROS. HOLDINGS 2,248,292 $113,308 0.05 -0.001
CEMJQ CHEMTURA CORPORATION 2,153,991 $654,047 0.296 -0.024
DPHIQ DELPHI CORP 1,878,526 $154,239 0.08 -0.001
NFLDQ NORTHFIELD LABORATORIES IN 1,528,933 $131,381 0.085 0.001
CHTRQ CHARTER COMMUNICATIONS INC 1,459,507 $44,507 0.03 -0.0004
TXCOQ TXCO RESOURCES INC 1,451,950 $478,326 0.384 0.079
ERPLQ ENERGY PARTNERS LTD 1,281,590 $444,228 0.39 0.01
THMRQ THORNBURG MORTGAGE INC NEW 1,234,228 $13,857 0.0106 -0.0005
AFFIQ AFFINITY TECHNOLOGY GROUP 1,136,166 $6,239 0.0041 0.0011
HTMXQ HARTMARX CORPORATION 1,087,869 $14,053 0.0117 -0.0053
Thanks legal,Will keep an eye on it.Bob :))
YW,Talk to you soon.Bob :))
If you enter both correctly you will make great money.If they are long term holds for you.Easy double in the next year.The ideal entry for psun would be arond 2.75- 3.25 and pei 4.50-5.00.Night Bob :))
Just buy psun if it drops under 3.00 or close on one of those horrible down days.Pei under 5.00.You will make money.Bob :))
YW Girl,When it comes to the big boards it is very calculated based on technicals/fundamentals and the general market conditions.Most pinks/otcbb general plays are just a shot.The bk plays work out better than general pink/otcbb plays from my experience.That is why I am playing the bk plays while I wait for the bigboards to come back to me.Patience is the key on all exchanges.I am not a so called daytrader for the most part.Bob :))
Sounds good Glassy.It will be run efficiently at low cost.Keep me informed.Bob :))
Dcnmq is a play going into The court date.If you want something that is coming into range technically after their big runs look at psun and pei.Both are quality companies that are making the right moves in this economy.Bob :))
Small run doubled traders money.Not bad.Better than a cd.
Florida~Yea I like dcnmq.Some flippers had a easy double off .0002.The bid and ask held higher this week over last.Lots of time till the dismissal.What happens in between is anyones guess.I was mainly playing under a dollar bigboards this year along with cheap retailers/developers.It worked ou well.Now we need to see them to form new bottoms.That is why I am playing bk's.Hayzq worked out well off .05/.06.They are risky.Payoff makes some traders year.Bob :))
Been laying low in the markets except for a few select situations.Waiting for many retailers/developers to pull back a bit more on the big boards technically.Already know the fundies will be ok or increasing.I am a long time retailer and the industry is my forte.Bob:))
Waiting like a Hawk~Eddie Bauer: Lost touch with its brand, probably headed for bankruptcy
Bruce Watson
Jun 10th 2009 at 5:30PMText SizeAAAFiled under: Company News
According to some reports, outdoor outfitter Eddie Bauer may seek bankruptcy protection as early as this week. On the bright side, however, three companies -- Hilco Consumer Capital, CCMP Capital Advisors, and a private-equity firm based in New York -- have expressed interest in buying Bauer's assets.
Admittedly, it's been a tough year for outdoor goods retailers. In 2008, LL Bean, perhaps America's best-known outfitter, had a 7.8 percent drop in sales. While this seems minor in comparison to the miseries suffered by many other American businesses (including Bauer), it's worth noting that Bean's annual revenue has only fallen three times since 1960.
On one level, this trend is odd: Between 2007 and 2008, camping vacations went up by 7.4 percent, driven by consumers who were looking for cheap, fun escapes. Unfortunately, however, many outdoorsmen are apparently buying their supplies from cheaper vendors.
Recent Bankruptcy FilingsLynne Sladky, AP42 photos Eddie Bauer may be headed for bankruptcy as early as this week. Click through the gallery for the latest bankruptcy news.(Note: Please disable your pop-up blocker)
Then again, calling Eddie Bauer a wilderness outfitter is stretching the definition a little bit. While the store originally specialized in serving the needs of outdoorsmen, its line has expanded to the point that it now seems more like a mashup of the Gap, J Crew and Land's End. With an impressive line of oxford shirts, khaki pants, and leather loafers, the brand has, arguably, become unrecognizable.
While the stores' move into business casual attire is bizarre, its parent company -- Eddie Bauer Holdings Inc. (EBHI) -- seems to have gone completely off the deep end. The slightly-more-rugged-than-usual Eddie Bauer baby stroller might have some tenuous link to the company that once outfitted expeditions to K-2 and Antarctica, but the branded "Eddie Bauer Occasional Table" most certainly does not. Similarly, while the Eddie Bauer Ford Expedition may be in line with the famous brand, the Eddie Bauer 400-thread count Egyptian cotton percale sheets border on travesty.
It's not as if bankruptcy is a new experience for the brand. The original Eddie Bauer retired in 1968, and his company was subsequently bought by General Mills and Spiegel. When the latter went bankrupt in 2003, it sold all of its assets except for Bauer and re-emerged under the name "Eddie Bauer Holdings, Inc." Of course, as the brand's subsequent dilution demonstrates, Spiegel seems to have set about re-creating its original business under the Bauer umbrella.
This bankruptcy has been coming for a while. The company has had three years of losses, and carries $188 million in long-term borrowing, against $2.6 million in cash. In fact, two years ago, the company tried to sell out for $285 million, but was thwarted by shareholders. Currently, Bauer's shares are trading for 24 cents, down 54 percent this year.
Here's hoping that Bauer's next owners, whoever they may be, appreciate the brand's key identity, lest the public be subjected to atrocities like Eddie Bauer Expedition Thongs or a return of Eddie Bauer dinnerware!
Like this board a lot.You guys and gals are nuts.lol Bob :))
Congrats.If you need any info/suggestions please ask.Been in biz a long time and the times are trying.Only my years of experince are why I am still doing good.Changes in payroll and ordering product are many these days.Bob :))
Good week.Both bid and ask moved higher with good volume.A little bit each week going into the serious movement is a good thing.Have a great weekend.Bob :))
Glassy,Take 3 motrin.Same as getting the doctor to subsribe a motrin boot which is one really strong pill.
Thanks Gear.Have a great day.Bob :))
Hope your foot is alright.Motrin boot will do the trick.Bob :))