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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.
Steve & Barry's auction rules OK'd
A Manhattan judge has approved bidding procedures for bankrupt Steve & Barry's LLC that name Bay Harbour Management LLC as the discount retailer's stalking-horse bidder by virtue of a $163 million bid. Competing bids are due on Aug. 15 while the auction is scheduled for Aug. 18. - Jamie Mason Pappas Telecasting DIP denied Bankrupt Pappas Telecasting Inc. received fifth interim approval to use its cash collateral after a $5 million debtor-in-possession loan from its prepetition lenders was denied. Another interim cash collateral hearing is scheduled for Aug. 13. - Jamie Mason Smith Family lenders to seek stay relief Two secured creditors of bankrupt Smith Family Homes Corp. will seek a relief from stay in an attempt to foreclose on the real estate company's properties. Regions Bank and Bank of America Corp. want to foreclose on properties that were used to secure loans both made to Smith. A hearing on Region's motion is set for Aug. 12, and one on BofA's motion is scheduled for Aug. 19. - Kevin Fung Mr. Bubble Bursts Ascendia Brands, the health and beauty-care products maker best known for Mr. Bubble and Calgon, has filed for Chapter 11. The company blamed economic conditions. So far Ascendia has not provided information about a debtor-in-possession financing or a stalking-horse bidder, but the company expects a sale. - Maria Woehr Uni-Marts to test bid Bankrupt Uni-Marts LLC is set to put its business on the auction block next week to test the bid of a rival gas station operator. The State College, Pa.-based convenience store and gas station chain will auction off its assets on Aug. 14 if any bids are received to challenge the stalking-horse bid of Atlantis Petroleum LLC. If no rival bids are offered, Uni-Marts will cancel the auction and seek court approval on Aug. 18. - Ben Fidler Categories Deal Video
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