Global Brands Subsidiary GBG USA Begins Chapter 11 Proceedings

Global Brands Group Holding’s indirect wholly-owned subsidiary GBG USA has started voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.

• The Group’s global Brand Management and Europe wholesale businesses are separate legal entities from GBG USA, and not included in the filing and they continue to maintain ongoing operations, according to a press release
• GBG USA has received $16 million in debtor-in-possession or DIP financing from ReStore Capital to support its additional liquidity needs during the Chapter 11 cases
  • The DIP facility and the consensual use of cash collateral, are expected to provide ...