Global Brands unit OK’d to sell Aquatalia assets for $22.75 million

By Sarah Lizee

Olympia, Wash., Sept. 22 – Global Brands Group Holding Ltd. subsidiary GBG USA Inc. received court approval to sell its Aquatalia assets to Saadia Group LLC for $22.75 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

GBG USA had previously received court approval to enter into a stalking horse asset purchase agreement with WH AQ Holdings LLC as purchaser and Hilco Brands LLC as guarantor for the purchase of the debtors’ Aquatalia brand and business.

The stalking horse bid provided a purchase price of $17.3 million, and the APA was subject to higher or otherwise better offers, among other conditions. The stalking horse agreement has a 4% breakup fee and a $300,000 expense reimbursement.

GBG USA is also pursuing the sale of a substantial portion of its remaining assets, including Ely & Walker, Airband, MagnaReady, Yarrow, b New York and JUNIPERunltd.

New York-based GBG USA is primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business in North America. The company filed bankruptcy on July 29 under Chapter 11 case number 21-11369.

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