Payless Inc’s asset-based loan credit facility


Choate advised Wells Fargo Bank on the deal

Payless Inc. secured an asset-based loan credit facility from Wells Fargo Bank.

On Monday, February 18, Payless filed a second Chapter 11 proceeding, less than two years after exiting from Chapter 11 protection. As part of the new filing, Payless will shut down its ecommerce platform and plans to close all of its 2,500 North American stores by May.

Choate continues to represent Wells Fargo in connection with the recent Chapter 11 filing, including addressing matters pertaining to the store closings occurring in the US, Canada and Puerto Rico, and matters regarding use of cash collateral.

Choate advised Wells Fargo Bank with a team including Kevin J. Simard (Picture), Douglas R. Gooding, Jonathan D. Marshall, Rick Thide and Saige E. Jutras.

Involved fees earner: Douglas Gooding – Choate; Saige Jutras – Choate; Jonathan Marshall – Choate; Kevin Simard – Choate; Rick Thide – Choate;

Law Firms: Choate;

Clients: Wells Fargo;

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Author: Ambrogio Visconti