Pier 1 Gets Court Nod to Begin Bidding Process and Find Buyer

Pier 1 Imports Inc. receives bankruptcy court permission to access its debtor-in-possession financing and begin a bidding process to find a buyer and sell its assets.

• Debtor plans to file a complete Chapter 11 bankruptcy plan “within a week,” which will contemplate “a number of treatments” including a going concern sale with all proceeds going toward the repayment of term loans, or standalone equity treatment, where term lenders would agree to convert debt into equity and operate as owners of the company, Joshua Sussberg of Kirkland & Ellis LLP said at Pier 1’s first day hearing
• Bankruptcy Judge Kevin Huennekens ...