Tag Archives: files

Bon-Ton Files for Ch. 11 Personal bankruptcy Reorganization

Over the weekend, troubled department store chain The Bon-Ton Stores Inc. (OTCQX: BONT) applied for a court-supervised monetary restructuring under Chapter 11 of the United States personal bankruptcy code. The merchant stated it prepares to utilize the procedure to continue considering its choices, including a sale of the company or its properties.

The relocation was anticipated after the company formerly revealed plans to close 47 stores in 2018. Bon-Ton said it has received a dedication from its existing asset-backed loan providers for approximately $725 million in debtor-in-possession (DIP) funding.

With corporate headquarters in York, PA and Milwaukee, the retailer runs 256 stores, that includes nine furniture galleries and 4 clearance centers, in 23 states in the Northeast, Midwest and upper Great Plains incorporating roughly 24 million square feet. It runs under a number of banners: Bon-Ton, Bergner’s, Boston Shop, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. It owns 22 of its stores.

“Bon-Ton, with a substantial geographic operating footprint and operating existence, depends on shop traffic, which has reduced as customers move increasingly toward online retailers,” Michael Culhane, CFO of Bon-Ton Stores, stated in the company’s personal bankruptcy filing.

In 2017, the business generated approximately $2.55 billion in total revenue and has actually been attempting to reorganize about $880 million in financial obligation. It failed to make a $14 million interest payment in December.

Last month, Moody’s Investors Service downgraded Bon-Ton Stores based on missed out on interest payment however still within a 30-day grace duration, and stated the lowered score reflects a high likelihood of default. Moody’s stated it believes Bon-Ton’s debt level is unsustainable at existing levels.

The company has significant leverage, with unadjusted debt/EBITDA expected to go beyond 10.9 times by the end of Bon-Ton’s current ; and weak protection, with EBITDA less capital expenditures expected to be insufficient to cover interest costs, Moody’s stated.

For the very first three quarters of last year, Bon-Ton published a loss of $135.4 million compared to a loss of $108.1 million for the very same duration a year earlier. Similar store sales decreased 6.6% in the period “due to unseasonably warm weather condition and the extension of soft shopping mall traffic trends,” the business reported.

More info on Bon-Ton’s store closure strategies can be discovered in our previously released story Financial obligation Load Forces More Bon-Ton Store Closures, Personal Bankruptcy an Alternative

Newmark Knight Frank Operating Business Files for IPO

Newmark Group Inc. to Trade on Nasdaq Under NMRK Ticker in Among CRE’s Many Anticipated Public Offerings

Newmark Group., Inc. formed by BGC Partners, Inc.(NASDAQ: BGCP)last year to operate Newmark Knight Frank (NKF) and other BGC real estate properties, has declared a going public to offer Class A common stock.

The entity, which was formed as NRE Delaware Inc. on Nov. 18, 2016 and altered its name on Oct. 18 to Newmark Group, used this week to note its Class A common stock on the Nasdaq Global Market under the sign NMRK, according to a registration declaration filed this week with the United States Securities and Exchange Commission.

The proposed aggregate maximum offering amounts to $100 million, an estimate exclusively to compute the $12,450 registration charge. The variety of shares to be used and the rate variety for the proposed offering are still to be determined.

The new openly traded entity will include NKF and home mortgage firm Berkeley Point Financial LLC, gotten by BGC for $875 million in September. Newmark Group created $1.5 billion in earnings for the12-month period ending June 30, 2017.

The relocation follows an Oct. 16 disclosure by Howard Lutnick’s BGC Partners, which sent a private draft registration associated to the proposed spin off of NKF earlier this year, that an equity analyst covering BGC had actually suspended protection, a typical practice in advance of an IPO. BGC got NKF in 2011.

Likewise in anticipation of the IPO, Jeffrey Gural stated Oct. 2 he will step down as chairman of Newmark Knight Frank to end up being chairman emeritus of the company, and the Gural household organisation will rebrand from Newmark Holdings to GFP Real Estate. Both moves are planned “to eradicate confusion in the market” between GFP and NKF.

Cushman & & Wakefield is also widely thought to be planning an IPO in the near future.

Newmark plans to contribute all net proceeds from the offering to its main operating subsidiary, Newmark Partners, L.P., in exchange for a variety of units representing the minimal partnership’s interests, equivalent to the number of shares provided in the offering.

Newmark Partners means to use the earnings to pay back certain debts that Newmark Group or its subsidiaries will presume its existing stockholder, BGC Partners or its subsidiaries. Newmark Partners will utilize any remaining net profits for various basic collaboration purposes, consisting of the payment of other debt, prospective strategic alliances, acquisitions, joint endeavors or hiring of workers.

Goldman Sachs, BofA Merrill Lynch, Citi and Cantor Fitzgerald are the joint book runners on the deal.

RELATED: Most Current Sign Indicate Impending IPO, Spin Off for Newmark Knight Frank

BGC’s Lutnick Targets 4th Quarter for Spin-Off of Freshly Rebranded Newmark Knight Frank

Anticipated IPOs for NGKF, Cushman Could Boost CRE Sector’s Cachet on Wall Street

Office Residential or commercial property Trust Files for IPO to Raise $100 Million

A year after acquiring an almost $1 billion portfolio of rural workplace residential or commercial properties, Horsham, PA-based Office Property Trust on Monday submitted to raise as much as $100 million through an initial public offering.

Work space Property, which first filed a personal S-11 registration statement on June 30, prepares to note on the New York Stock Exchange under the symbol WSPT, offering a concealed variety of typical shares in the IPO at a to-be-determined cost. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint book runners on the offer.

The business, led by former Mack-Cali Realty executives Tom Rizk as CEO and Roger Thomas as president, will utilize the IPO proceeds to acquire common units in its operating collaboration, Workspace Home Trust, L.P., from Safanad Suburban Office Partnership, LP, an affiliate of Safanad Ltd.

. The operating collaboration will in turn utilize a portion of the net proceeds to repay the company’s existing loan with KeyBank NA, pay back a senior mortgage and 3 mezzanine loans in relation to the purchase of its second portfolio, and pay about $63.9 million in cash to redeem the favored equity issued by the operating partnership as part of the 2nd portfolio acquisition.

The operating collaboration anticipates to use any staying earnings for basic business functions, including capital investment and future acquisitions.

Work area Property intends to capitalize on the outperformance of suburban workplace residential or commercial properties relative to CBD properties in recent years, with business executives telling CoStar in October 2016 “the prediction of the death of the residential areas is greatly overemphasized.”

A year ago this month, the business obtained 108 workplace and flex buildings and 26.7 acres of land in 5 markets from Liberty Residential or commercial property Trust (NYSE: LPT). The $969 million purchase with partners Safanad, a Dubai-based international primary investment company; and affiliates of diversified financial investment firm Square Mile Capital Management LLC, was the company’s second significant deal with Liberty Residential or commercial property and expanded Office’s holdings to 149 homes totaling 10 million square feet.

In the first half of 2017, 72% of U.S office leasing activity was concentrated in suburban markets, despite rural markets representing just 69% of inventory.

The spread between typical rural office and CBD job rates is at its floor given that 1999. Building and construction as a portion of stock continues to increase in the CBD, although suburban workplace vacancy rates have declined significantly much faster than CBDs because 2011.

On the other hand, building has been constrained in the rural workplace markets relative to the CBD, while downtown asking rents have been more unpredictable than rural leas. Need for suburban properties has actually ramped up recently as investors have actually begun to recognize the broadening spread between rural and CBD assessments, owned in part by investors’ desire previously in the recovery to pay more for CBD prize buildings and other properties with a perceived lower danger.

As the biggest proprietor in the Horsham/Willow Grove, PA submarket, Work space has 536,994 square feet of flex and tech-flex area and 1.8 million square feet of low-rise office in 40 homes, with retail advancement and other features supplying opportunity for growth near numerous Workspace possessions.

Work space Characteristic is even more positioned to benefit from continued need and lease boosts for its residential or commercial properties in the King of Prussia/Valley Force submarket, where the business owns 30 residential or commercial properties totaling about 2 million square feet of office and flex space.

The company likewise owns possessions in South Florida, Tampa, Minneapolis and Phoenix.

Shoe Retailer Aerosoles Files Ch 11; Closing 74 Shops

Aerosoles, leading women’s shoes brand name, and other subsidiaries of moms and dad business AGI HoldCo Inc. submitted to restructure under chapter 11 of the U.S. Bankruptcy Code.

An important part of the business’s restructuring is a considerable decrease in the number of retailers it operates.

Aerosoles operates 78 retail areas in 20 states, mainly in lease-based shopping center places, way of life centers, street areas and outlet centers. It prepares to close 74 of them.

The company plans to maintain 4 flagship stores in New york city and New Jersey.

The Edison, NJ-based business has actually currently begun preparing store closing sales and is seeking approval from the Personal bankruptcy Court to proceed with those sales.

The company’s difficulties began in April 2016, when it sole item sourcing representative in Asia immediately stopped providing services. While the company worked rapidly to discover a new sourcing agent, it lost clients throughout all of the affected company lines due to lack of inventory, quality assurance problems and hold-ups in product delivery, the business stated in its insolvency filing.

These concerns continued through the fall 2016 and spring 2017. During that time frame Aerosoles closed 30 other places.

“By improving our financial structure and right-sizing our retail footprint, we will have the ability to refocus our company efforts on the execution of our turnaround method,” stated Denise Incandela, the company’s interim CEO.

The company expects to complete the restructuring within roughly four months. The rearranged company will focus its efforts on the ecommerce, wholesale and worldwide services that have actually continued to get strength over the last few years.

Aerosoles’ legal consultant in connection with the restructuring is Ropes & & Gray LLP. Berkeley Research Group LLC works as its restructuring advisor and Piper Jaffray & & Co. serves as its investment lender for the restructuring. Hilco Merchant Resources is assisting on store closings.

Hacker posts '' Game of Thrones ' files, other stolen HBO docs


Helen Sloan/ HBO via AP Package Harington appears in a scene from “Video game of Thrones.” “Video game of Thrones” and “Veep” are among the leading contenders for the 68th prime-time Emmy Award nominations.

Monday, Aug. 7, 2017|4:15 p.m.

NEW YORK– A specific utilizing the name “Mr. Smith” posted a fresh cache of taken HBO files, consisting of some apparently associated to the program “Video game of Thrones,” online Monday, part of exactly what the supposed hacker has actually claimed is a much bigger trove of stolen HBO product.

The dump includes scripts from five “Game of Thrones” episodes, including one upcoming episode, and a month’s worth of e-mail from the account of an HBO programs executive.

HBO, which previously acknowledged the theft of “proprietary info,” states it’s continuing to examine and is dealing with cops and cybersecurity experts.

This is the second information dispose from the supposed hacker. Up until now the HBO leakages have actually been limited, falling well except the mayhem caused on Sony in 2014, when hackers discovered reams of humiliating e-mails.

rue21 Files Chapter 11; To Focus on Finest Performing Stores

Another teen specialty apparel merchant, rue21 Inc., has actually applied for chapter 11 personal bankruptcy reorganization.

Last month, rue21 began the process of closing approximately 400 underperforming stores in its 1,179 shop fleet in order to improve operations. The locations were identified as unprofitable, underperforming, or not a tactical fit going forward.

rue21 employed Gordon Brothers Retail Partners to start liquidating the stock and close the stores by July 2017.

rue21’s occupancy cost in 2015 216 was approximately $118 million and in fiscal year 2017 it is expected to be around $119 million (prior to the shop closings).

The retailer will initially ask the personal bankruptcy court to cancel the remaining term on 22 of those leases, while attempting to market other of the leases.

Warrendale, PA-based rue21 likewise added it may examine additional store closings as it continues to manage its real estate lease portfolio.

“These actions are being carried out with the objective of strengthening the business’s balance sheet, attaining a more effective cost structure, and concentrating resources on a tighter retail footprint in order to pave the best course forward for rue21,” stated Melanie Cox, CEO of rue21

Historically, rue21 experienced strong development, with sales growing from $296.9 million in 2007 to $1.137 billion in 2015, Todd M. Lenhart, acting CFO of rue21, mentioned in an insolvency court filing.

However, after years of success and growth, business has actually come under substantial pressure in the last few years, stemming in large part from an evolution of client tastes. For example, the girls’ division represented 54% of the business’s overall gross sales in 2015, while in 2016, it represented just 50.2% (with divisional gross sales of $608 million and $568 million, respectively), a material year-over-year drop.

In addition, the company has experienced a decline in in-store deals due to online shopping. While its online existence is broadening and improving, its historic online platform was not as robust as its competitors, Lenhart mentioned.

In current months, the company has also been concentrated on revamping its ecommerce strategy and increasing the number of clients who engage with rue21 on its digital platform.

Guy who let 4-year-old boy die in hot SUV files civil liberties suit

After 4 years in jail, Stanley Rimer remains to deny his role in the death of his disabled 4-year-old child, who was left in a hot SUV for hours.

Now, in part since he wasn’t released on his very first opportunity at parole, Rimer grumbles that his civil rights have actually been violated.

In a suit that appeared in Clark County’s online court records recently, the 58-year-old Rimer stated the Nevada Parole Board denied his release after “erroneous assessments, the dependence of incorrect details where the parole board determined whether the plaintiff could succeed on parole, and class based discrimination.”

Records show the lawsuit was submitted in December. Offenders include the Parole Board, Gov. Brian Sandoval, former Attorney General Catherine Cortez-Masto and 3 counties. Rimer is representing himself in the civil case.

At his 2011 trial, district attorneys stated Rimer sat in his bed room in June 2008, lamenting over an illness, without any obvious issue for his son’s health, while the 4-year-old sat passing away in a Ford Tour. Rimer and his wife, Colleen Rimer, were convicted of involuntary manslaughter, along with youngster abuse and overlook for physically abusing 5 of their 8 children and letting them stay in squalor.

The child, Jason, suffered from myotonic dystrophy, a hereditary muscular condition that maimed his mind and body. He was not able to unlock automobile doors.

Jason died from heat tension, which might have taken 3 to 5 hours to eliminate him in the estimated 130-degree temperature level in the automobile.

Since police initially investigated the kid’s death, Rimer has tried to blame his other half, who was paroled in July 2014 from a five-to-20-year sentence. Rimer stated he, too, need to have been launched. He is serving 8 to Three Decade behind bars.

In the 45-page, handwritten problem versus the Parole Board, Rimer remained to deflect obligation.

“The watch regimen between (Rimer) and spouse was under the care and control of his spouse and 19-year-old boy while (Rimer) was down with cardiac arrest like signs,” he composed.

Rimer complained that his better half was paroled because she is a female. The Parole Board purchased Colleen Rimer not to have any contact with her husband of 28 years while he remains in prison, which Rimer wrote “damaged the marital relationship between the 2.”

District attorney David Stanton dealt with Rimer’s appeal, which was denied. Stanton said the father abused his spouse and other kids in the home.

Rimer did not check on the 4-year-old child up until after he heard the squeals of another kid, who discovered Jason still in his safety seat after 17 hours. Even then, Rimer demanded that his older son pull the youngster’s lifeless body out of the car.

“Stanley Rimer is a despicable human, and he deserves every single minute of his sentence,” Stanton said Monday.

After the couple’s arrests, several of their younger kids were put with family members.

In the claim, Rimer asks to be allowed contact with his wife. He also looks for a minimum of $65 million in damages.

Contact press reporter David Ferrara at [email protected]!.?.! or 702-380-1039. Discover him on Twitter: @randompoker