Deals
Oaktree Seeks $1.5 Billion in Cash to Top Bid for Claire's
- Lawyer cites ‘extreme pressure’ to make Aug. 31 deadline
- Offer would compete with Elliott-led takeover proposal
Pedestrians pass a Claire's Accessories store, operated by Claire's Stores Inc., on Oxford Street in London.
Photographer: Chris Ratcliffe/Bloomberg
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Claire’s Stores Inc. debtholder Oaktree Capital Management is working to raise $1.5 billion for a bid due Aug. 31 for the bankrupt retailer, a lawyer for the distressed-debt investment firm told a judge Friday.
“We are under extreme pressure raising $1.5 billion in cash,” Tom Lauria, a lawyer at White & Case, said in U.S. Bankruptcy Court in Wilmington, Delaware.