Former Aeropostale wins approval of litigation claim sale procedures

By Caroline Salls

Pittsburgh, Feb. 2 – ARO Liquidation, Inc., formerly Aeropostale, Inc., received court approval of the bidding procedures for the proposed $1 million sale of a Visa/MasterCard litigation claim, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Optium Fund 2, LLC is the stalking horse bidder. If it is not ultimately the high bidder for the claim, Optium will receive a $30,000 break-up fee.

Competing bids are due by 4 p.m. ET on Feb. 9.

If one or more qualified competing bids are received in a minimum amount of $1.05 million, an auction will be held on Feb. 12.

The sale hearing is scheduled for Feb. 20.

Aeropostale, a New York-based young adult clothing retailer, filed for bankruptcy on May 4, 2016. Its Chapter 11 case number is 16-11275.

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