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February 28, 2014
11:15 EDTDLIAFlatbush Watermill reports 11.6% stake in dELiA's
Flatbush Watermill will nominate one person to the company’s Board of Directors. Flatbush Watermill will continue to have the right to nominate one member of the company’s Board of Directors for so long as it is permitted to do so under NASDAQ Rule 5640. Commencing when, and for so long as, a Director nominated by Flatbush Watermill is serving on the Board of Directors, Flatbush Watermill agrees to vote all eligible shares of Common Stock or Series B Preferred Stock it beneficially owns for the election of each Director nominated by Valinor Management at each meeting of the company’s stockholders at which the election of a Valinor Director is to be considered. Valinor Management has the right to nominate up to two Directors to the company’s Board of Directors and has nominated Seth Cohen and will nominate an additional person as Valinor Directors.
News For DLIA From The Last 14 Days
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December 15, 2014
17:12 EDTDLIAInvesture reports 20.8% stake in dELiA's
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December 8, 2014
07:32 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
dELiA*s, along with certain of its subsidiaries, has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York in White Plains, NY on December 7. The company will continue to manage its properties and operate its businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. As previously announced on December 5, after exploring strategic alternatives to raise financing and/or engage in a sale, merger, or other form of business combination, the Company’s Board of Directors concluded that it was in the best interests of the Company’s stakeholders to close its retail stores and liquidate its assets, that it had entered into an agency agreement with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC, to among other things, liquidate all merchandise owned by the Company and to dispose of certain furnishings, trade fixtures, equipment and improvements to real property with respect to the Company’s stores, and that it would commence a bankruptcy case to seek approval to conduct store closing and going out of business sales pursuant to the Agency Agreement. In connection with the bankruptcy filing, the Company is seeking customary authority from the Bankruptcy Court that will enable it to continue to operate and serve its customers during an orderly wind down of the business. The requested approvals include requests for the authority to make wage and salary payments, continue various benefits for employees, as well as honor certain customer programs for a limited time, such as gift cards and returns on merchandise purchased prior to the bankruptcy filing. All sales are final on merchandise purchased during the liquidation. In addition, the Company has negotiated a commitment for a $20M debtor in possession credit facility with Salus Capital Partners, LLC, which provides for immediate liquidity to continue operations and to conduct the store closing and going out of business sales while in bankruptcy. The DIP credit facility would subsume all of the Company’s obligations under its existing credit agreement with Salus, which has approximately $18.5M outstanding as of the date hereof. The Company currently anticipates that some recovery will be available to general unsecured creditors in the bankruptcy cases, but does not currently anticipate that any value will be available to holders of the Company’s common and preferred equity, although this will be determined upon the conclusion of the bankruptcy cases.
07:31 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
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