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Here are some of the latest bankruptcy stories our reporters have been
covering Monday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Whitehall's final sale approved
A Delaware judge has approved the bidding procedures for bankrupt jewelry retailer Whitehall Jewelers Holdings Inc.'s going-out-of-business sales at all of its stores but not the stalking-horse bidder's breakup fee. Since the breakup fee was denied, the group has reserved the right not to participate in the auction, so it's unclear if there will be a stalking-horse bidder for the sale. The stalking-horse bidders had agreed to pay Whitehall, which sells diamonds, gold, precious and semiprecious jewelry and watches, 55.5% of the value of the inventory if it's between $169 million and $177 million. However, if the inventory is worth between $138 million and $145 million, Whitehall will receive 53.5% of the value. This means that Whitehall could receive between $73.8 million and $98.2 million, depending on what its inventory is worth. - Jamie Mason Sale of IdleAire approved A Delaware judge approved the sale of IdleAire Technologies Corp. to a noteholder group for roughly $26 million. The stalking-horse bidder noteholder group beat out the only competing bidder, Zohar Motorcycles Inc. - Jamie Mason Steve & Barry's lands use of cash Steve & Barry's LLC, which is famous for selling items under $10, received interim approval to use its cash collateral. Until a sale of the company can be completed, the retailer needs to use its cash to maintain and preserve its property, operate its business and pay its Chapter 11 expenses, court documents said. Port Washington, N.Y.-based Steve & Barry's wants to either sell itself as a going concern or liquidate, but the company has yet to name a stalking-horse bidder. The company would prefer a stalking-horse bidder for the sale as a going concern, and is talking to several interested parties. The retailer hopes to have a stalking-horse bidder in place by July 24. - Jamie Mason CategoriesComments Deal Video
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Tuesday July 29th....Any info as to who is going to do the Whitehall GOB sale?