Reorg Credit Intelligence – 8/2/2021
GBG USA Debtors to Run Sale Process With Stalking Horse for Aquatalia Assets,
Also Marketing Other Portfolio Brands
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New York-based GBG USA Inc. – which, along with its debtor-affiliates, operates the North American business segment of Global Brands Group Holding Ltd., a branded apparel, footwear and brand management company – filed for chapter 11 protection today in the Bankruptcy Court for the Southern District of New York. Global Brands Group Holding Ltd. was incorporated in Bermuda and is publicly traded on the Hong Kong stock exchange. The debtors say they enter chapter 11 “running on fumes” amid the “catastrophic effects of the global COVID-19 pandemic, industry-specific headwinds and other liquidity constraints.” Click through for our First day team’s full case summary of the GBG USA chapter 11 filing.
Contact: Matt Danese
mdanese@reorg.com
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