Wilmington, Delaware- Bayard, P.A. was honored at the 11th Annual Turnaround Atlas Awards for its work in the chapter 11 cases of Claire’s Stores, Inc. Bayard attorneys Justin R. Alberto, Erin R. Fay, and Gregory J. Flasser served as co-counsel representing the Official Committee of Unsecured Creditors.
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, Claire’s Stores eliminated approximately $1.9 billion of debt from its balance sheet and gained access to $575 million in new capital.
The firm also received recognition for the Claire’s Stores, Inc. matter at the International M&A Awards. Click here for the announcement.