Lowenstein Selected as Counsel to the Committee of Unsecured Creditors in the Fred’s Inc. Chapter 11 Proceedings
Lowenstein Sandler has been selected as counsel to the Committee of Unsecured Creditors in Chapter 11 proceedings for Fred’s, Inc., a discount general merchandise store operator. The company filed for Chapter 11 protection in early September, 2019 in the Bankruptcy Court for the District of Delaware, along with several affiliates; it reported $474.8 million in assets and $380.2 million in liabilities as of May 4.
Fred’s had 568 stores in 15 states in the southeastern U.S. as of Feb. 2, including 169 with full-service pharmacies. The company plans to liquidate its assets through going-out-of-business sales over the next 60 days. According to the company’s latest 10-Q, funded debt at Fred’s appears to be principally comprised of a revolving credit agreement facility with Regions Bank and Bank of America, N.A.
The Lowenstein team includes Jeffrey Cohen (Picture), Nicole Fulfree, Michael A. Kaplan, Gabriel L. Olivera, and Keara Waldron.
Involved fees earner: Jeffrey Cohen – Lowenstein Sandler LLP; Nicole Fulfree – Lowenstein Sandler LLP; Michael A. Kaplan – Lowenstein Sandler LLP; Gabriel Olivera – Lowenstein Sandler LLP; Keara Waldron – Lowenstein Sandler LLP;
Law Firms: Lowenstein Sandler LLP;