On April 3, 2017, Angelica Corporation (“Angelica” or the “Company”) announced that it entered into an asset purchase agreement (“APA”) with an affiliate of KKR, under which the KKR affiliate will acquire substantially all of Angelica’s assets as a going concern.
To facilitate the sale process, Angelica filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Angelica’s case has been assigned to the Honorable Judge James L. Garrity Jr. and Case No. 17-10870.
Under the terms of the APA, the KKR affiliate will serve as the “stalking horse bidder” in a court-supervised sale process that Angelica will conduct pursuant to Section 363 of the Bankruptcy Code. Accordingly, the APA is subject to higher and better offers, among other conditions.
Angelica expects to continue operating as normal throughout this process. The Company intends to meet its business obligations and pay suppliers in full under normal terms for goods and services provided on or after the filing date of April 3, 2017.
For additional information, including frequently asked questions, please visit www.angelica.com/restructuring.
Important Information & Dates
Plan & Disclosure Statement
On May 18, 2017, the Debtors filed their Plan of Reorganization (as subsequently amended, the "Plan") and the Disclosure Statement related thereto. The hearing to consider approval of the Disclosure Statement was continued to June 29, 2017 at 4:00 p.m. (prevailing Eastern time). On June 30, 2017, the Bankruptcy Court entered an order approving the Disclosure Statement. The hearing to consider confirmation of the Plan commenced on August 22, 2017 at 11:00 a.m. (ET) (the "Confirmation Hearing"). The Confirmation Hearing was continued and concluded on August 29, 2017, an order confirming the Plan was entered on August 31, 2017 and the Plan became effective on September 26, 2017.
Please click below to view all documents related to the Plan and Disclosure Statement:
Claim Filing Deadline
The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors
• General Bar Date: June 26, 2017 at 5:00 p.m. (Eastern Time)
• Governmental Unit Bar Date: September 30, 2017 at 5:00 p.m. (Eastern Time)
Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim against the Debtors.
On April 28, 2017, the Bankruptcy Court entered an order approving the bidding procedures for the sale of substantially all of Angelica’s assets.
Please take note of the following important dates related to the sale:
• Bid Deadline: May 29, 2017 at 4:00 p.m. (ET)
• Sale Objection Deadline: June 2, 2017 at 12:00 p.m (ET)
• Auction (if neccessary): June 5, 2017 at 10:00 a.m. (ET)
• Sale Hearing: June 14, 2017 at 10:00 a.m. (ET)
First Day Hearing
A hearing on the Debtors' First Day Motions was held on April 4, 2017 at 3:00 p.m. (ET) before the Honorable Judge James L. Garrity Jr., United States Bankruptcy Judge, United States Bankruptcy Court for the Southern District of New York, One Bowling Green, Room 601, New York, New York 10004. A final hearing on certain of the First Day Motions was held on April 28, 2017 at 10:00 a.m. (ET). Please click below to view and download the Debtors' First Day Motions and the First Day Orders:
First Day Hearing
Hearing on Certain First and Second Day Motions
341 Meeting of Creditors
General Bar Date
Disclosure Statement Hearing
Continued: Disclosure Statement Hearing
Continued: Confirmation Hearing
Governmental Bar Date
Cancelled: Omnibus Hearing
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Matthew S. Barr
United States Trustee and Court Information
United States Bankruptcy Court
Southern District of New York
One Bowling Green
New York, NY 10004-1408
United States Trustee
U.S. Federal Office Building
201 Varick Street, Suite 1006
New York, NY 10014
Richard C. Morrissey
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