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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.
Lehman CDS contracts price
The settlement price of credit default swaps underlying bankrupt Lehman Brothers Holdings Inc. bonds was set in auction Friday, Oct. 10, at an unexpectedly low 8.625% of par.The contracts act as insurance policies where investors buy default protection from dealers such as Deutsche Bank AG, Goldman, Sachs & Co. and J.P. Morgan Chase & Co. The auction was conducted by Creditex Group Inc. and Markit Group Ltd. on behalf of ISDA. Those who sold the CDS contracts have until Oct. 21 to settle their contracts. - Vipal Monga and Matt Miller Linens set for auction A Delaware judge has approved procedures that install a group of liquidators as the stalking-horse bidders for Linens 'n Things' remaining 371 stores. A deadline for competing bids by stalking-horse bidders is set an Oct. 13. The auction will be held the next day, and Linens would return to court seeking approval of the winning offer on Oct. 15, court papers said. - Jamie Mason Ascendia sells brands to five buyers Bankrupt Ascendia Brands Inc. has been sold off in pieces to five different buyers for close to $17 million combined. In the largest transaction, Village Co. is paying $4.8 million for Ascendia's Mr. Bubble bath foam brand. In the second-largest deal, Helen of Troy Ltd. is shelling out $4.725 million for the Ogilvie hair care products line. In the remaining deals, Naterra International Inc. paid $3 million for Ascendia's Baby Magic bath and skin-care brands; KCM Brands LLC bought the Tussy antiperspirant and deodorants brand, Black Orchid, Dorothy Grey skin cream and Chubs baby wipes brands for $1 million; and Dr. Fresh Inc. purchased Ascendia's Binaca mouthwash, Tek toothbrush and Dantax brands and associated intellectual property for $3.1 million plus assumed liabilities. - Ben Fidler Archway subs seek OK for DIP Two bankrupt subsidiaries of Archway & Mother's Cookie Co. were set Friday, Oct. 10, to ask a Delaware judge to approve $51.4 million in debtor-in-possession funding to facilitate their wind-down. Archway, a portfolio company of the Greenwich, Conn., private equity firm Catterton Partners, placed the two units -- Archway Cookies LLC and Mother's Cake & Cookie Co. -- into Chapter 11 protection on Monday, Oct. 6, blaming sharp increases in fuel costs and volatile prices of commodities like sugar, flour and butter. The DIP request involves a first-lien revolver and term loan provided prepetition by a Wachovia Capital Finance Corp.-led lender group. - John Blakeley Categories Deal Video
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