Choate Represents Wells Fargo in Lucky Brand Bankruptcy
Choate represents Wells Fargo in its capacity as administrative agent under the third amended and restated credit agreement in connection with the bankruptcy proceedings of Lucky Brand Dungarees LLC. In early July the company sought protection under Chapter 11 of the Bankruptcy Code due to the pandemic-related closure of all its 200 retail stores across 43 states. In connection with the filing, Choate helped guide Wells Fargo through the negotiation of consensual use of cash collateral and the negotiation of two separate stalking horse agreements for the sale of the company’s assets, including intellectual property. The company will use cash collateral, along with $15.6 million in debtor-in-possession financing, to fund its sale process.