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News Jun 17, 2014

Shearman & Sterling Advises Coldwater Creek in its Bankruptcy

Shearman & Sterling is advising Coldwater Creek and its debtor affiliates in a chapter 11 bankruptcy filed in the Bankruptcy Court in the District of Delaware on April 11, 2014. As part of the representation, the Shearman & Sterling team negotiated a $74 million DIP financing and held a 32-hour auction for the debtor’s intellectual property, customer lists, inventory and furniture, fixtures and equipment for a total bid of $161 million. After more than a year of trying to sell the company but finding no buyer or other solution to keep the company viable, the board determined that a bankruptcy liquidation of the nationwide 32-store chain, which was founded in Idaho 30 years ago, was its only alternative.

The Shearman & Sterling team includes partners Douglas Bartner (New York-Financial Restructuring & Insolvency), William Roll (New York-Litigation), and Jason White (New York-Finance); counsel Jill Frizzley (New York-Financial Restructuring & Insolvency); and associates George Adams (New York-Litigation), Robert Britton (New York-Financial Restructuring & Insolvency), Maria Cornilsen (New York-Finance), Stacey Corr-Irvine (New York-Financial Restructuring & Insolvency), Andrew Lipson (New York-Litigation), Lisa Lopshire (San Francisco-Mergers & Acquisitions), Alice Townes (Palo Alto-Tax) and Leah Trzcinski (New York-Corporate).