Next week in bankruptcy, two companies—Ashley Stewart and Quantum Foods—on Thursday will each place their assets on the auction block.
Retailer Ashley Stewart Holdings Inc.’s auction will be led by private equity firm Clearlake Capital Group, which is offering $18 million in cash, subject to an inventory adjustment.
The quick sale timeline is important, the company said, to assure others that Ashley Stewart isn’t going down the same path as other retailers that have liquidated recently.
Separately Thursday, Quantum Foods LLC is going to auction with an offer from Oaktree Capital. Oaktree’s bid consists of $54 million in cash and $30.3 million in assumed liabilities.
The company, with top-ranking debt of about $50 million, entered Chapter 11 with a $51 million offer from CTI, a so-called custom culinary company that supplies meat products, soups and side dishes. CTI, owned by Thomas H. Lee Partners and the private equity arm of Goldman Sachs Group Inc., could still bid.
On Friday, Advantage Rent a Car will ask the U.S. Bankruptcy Court in Jackson, Miss., to give final approval of $100 million in fresh financing to purchase new vehicles.
Advantage said it expects to order 4,760 Chrysler and Kia models through the end of June, and needs court approval to take out the new loan. Catalyst Capital Group Inc., which bought most of Advantage’s rental locations earlier this year, will lend the money along with subprime auto lender Westlake Funding Inc.
And on Monday, the bankruptcy court will hear the request of defunct automotive parts manufacturer Budd Co. to have an official committee represent its retirees’ interests during the company’s Chapter 11 case.
The company filed for bankruptcy on March 31 with $400 million from parent ThyssenKrupp North America to fund retiree benefits and a plan to “responsibly wind up” the long-out-of-business company. While Budd won’t stop paying out plan benefits during its bankruptcy, it can’t sustain the liabilities going forward. The company says appointing a committee will look out for its 5,900 retired employees and their families during the case.
Write to Stephanie Gleason at stephanie.gleason@wsj.com. Follow her on Twitter at @StephGleason.
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