Wilmington, Delaware, June 7, 2019 – Meritas™ member firm, Bayard, P.A. has been named a winner at the 11th Annual International M&A Awards in the category of Consumer Discretionary Deal of the Year. Bayard received the award for its representation of the Official Committee of Unsecured Creditors in the successful chapter 11 restructuring of Claire’s Stores, Inc. Bayard attorneys Justin R. Alberto, Erin R. Fay, and Gregory J. Flasser served as co-counsel in the matter.
Claire’s Stores, Inc. and certain of its subsidiaries successfully completed their financial restructuring and emerged from Chapter 11 bankruptcy in the fall of 2018. The plan of reorganization in the case was confirmed by the United States Bankruptcy Court for the District of Delaware on September 21, 2018 and went into effect on October 12, 2018. With support from their creditors and stakeholders, including an Ad Hoc Group of First Lien Creditors led by Elliott Management Corporation and Monarch Alternative Capital, LP, Claire’s Stores eliminated approximately $1.9 billion of debt from its balance sheet and gained access to $575 million in new capital.
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