Rockport gets approval of bid procedures, stalking horse agreement

By Sarah Lizee

Olympia, Wash., July 6 – Rockport Co., LLC received approval of bid procedures for its assets and a stalking horse agreement with ABG-Regatta LLC and ABG Intermediate Holdings, units of Authentic Brands Group, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The consideration under the stalking horse agreement includes $40.4 million for intellectual property, $5 million for Rockport Co. Korea Ltd., $100,000 for Calzados Rockport SL, Rockport International Ltd. and Rockport Co., Portugal, Unipessoal, Lda., among other amounts. The final consideration will depend on certain criteria and formulas for valuing inventory.

The deal includes an expense reimbursement of up to $1 million and a $1.59 million breakup fee.

Under the bid procedures, the bid deadline is 4 p.m. ET on July 13, an auction is scheduled for July 17, and a sale hearing will take place on July 25.

The deadline to close the sale is July 28.

Rockport, a West Newton, Mass.-based footwear company, filed its first bankruptcy case on May 14, 2018, and emerged from those proceedings on Dec. 31, 2018. The company filed bankruptcy a second time on June 14 under Chapter 11 case number 23-10774.

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