Choate represented Wells Fargo Bank, N.A. on the deal.
In early July, Brooks Brothers commenced Chapter 11 bankruptcy proceedings due to the pandemic’s negative impact on demand for business attire and the retail industry as a whole.
In connection with the Chapter 11 proceeding, Wells Fargo has agreed to the terms of consensual use of cash collateral, which, together with an $80 million debtor in possession credit facility provided by ABG-BB, LLC, will provide liquidity to support a Section 363 sale process.
Wells Fargo Bank, N.A. acted as administrative and collateral agent in connection with the $315 million asset-based credit facility to Brooks Brothers Group, Inc. and various of its affiliates.
Founded in 1818 by Henry Sands Brooks, Brooks Brothers is the first ready-to-wear fashion emporium in America, offering stylish modern clothing and fresh takes on heritage designs for men, women, and kids.
Choate represented Wells Fargo Bank, N.A. with Partner Kevin J. Simard (Picture), Partner Mark D. Silva, Principal Jonathan D. Marshall, Senior Associate Melissa W. Gaied, and Associate Gustav Stickley V.
Law Firms: Choate;
Clients: Wells Fargo Bank;