Bankruptcy Update: Steve & Barry's, El Paso, USA Springs and more

Here are some of the latest bankruptcy stories our reporters have been covering Wednesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

Continue reading below

Steve & Barry's may be doomed
Discount retail chain Steve & Barry's LLC is expected to file for bankruptcy protection any day because it's no longer getting merchandise shipped to its stores and has employed a retail strategy some view as suicidal. The discounter, which is known for selling its clothes for under $10, carries various celebrity clothing lines by actresses Sarah Jessica Parker and Amanda Bynes. The company also sells athletic wear bearing the labels of Stephon Marbury of the New York Knicks, tennis player Venus Williams and surfer Laird Hamilton. - Jamie Mason

El Paso to seek creditor ally
Recently bankrupt Mexican food maker El Paso Chile Co. is seeking court approval of a unique alliance with one of its largest creditors. The El Paso, Texas-based salsa, chile and margarita mix distributor filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas on June 25 to restructure some $3 million in secured debt. - John Blakeley

USA Springs files Ch. 11
Nottingham, N.H.-based USA Springs Inc. has just become one more company to slip into Chapter 11 in an attempt to stave off a foreclosure sale. A legal notice published with the Manchester, N.H.-based Union Leader on June 9 indicated that the foreclosure action was taken by Roswell Commercial Mortgage LLC, which had provided USA Springs with an $8.4 million secured loan. - Carolyn Okomo

Call center operator PRC exits
PRC LLC has exited Chapter 11, backed by a reorganization plan that has given all of its equity to first-lien and second-lien lenders. - Ben Fidler

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.

Deal Video

	Inside The Deal: Cisco Systems' Ned Hooper on raising the bid for Tandberg.
More video...

Elsewhere on The Deal.com

Dealwatch

• Confectioners: Cadbury, Hershey, more
• Airline consolidation, bankruptcy
• AIG Inc.
• AOL

The Deal Magazine

• The kids are all right
• The search for auspiciousness
• Be true to your school
• Waiting to exhale

Corporate Dealmaker

• Microsoft CFO Chris Liddell exiting
• Deal Economy 2010: Cisco's Hooper on Tandberg pursuit
• Deal Economy 2010: IBM's Mendoza on IT services M&A
• Next up on mobile ad acquisitions

The Deal Video

• Deal Economy 2010: AlixPartners' Deedy on retail bankruptcies
• Deal Economy 2010: GE's O'Brien on GE Capital lending
• Deal Economy 2010: Cisco's Hooper on M&A strategy
• Deal Economy 2010: Morgan Stanley's Smith Barney integration

Categories

• Bankruptcy
• Corporate restructuring
• Deal international
• Dealmakers
• Featured
• IPOs
• M&A
• Middle market
• Law & regulation
• Private capital
• Conferences
• Technology

Blog roll

• BloggingBuyouts
• BloggingStocks
• Dealbook
• DealBreaker
• Deal Journal
• FT Alphaville
• footnoted.org
• Going Private
• peHUB
• Reuters Dealzone
• SEC Investor
• Prince Of Wall Street
• Bankruptcy Bill
• Information Arbitrage

Archives

• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• May 2009
• April 2009
• March 2009
• February 2009
• January 2009
• December 2008
• November 2008
• October 2008
• September 2008
• August 2008
• July 2008
• June 2008
• May 2008
• April 2008
• March 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007
• March 2007
• February 2007
• January 2007
• December 2006
• November 2006
• October 2006
• September 2006
• August 2006
• July 2006
• June 2006
• May 2006
• April 2006
• March 2006
• February 2006
• January 2006
• December 2005