The Wet Seal, Inc. Bankruptcy New Filing Alert: Motion For Authority To Use Cash Management Systems

On January 16, 2015, a motion for authority to use cash management systems was filed in the bankruptcy case of The Wet Seal, Inc. and its affiliates.

The filing was assigned docket number 5 and is described on the court’s official docket as follows:

Motion to Maintain Bank Accounts – Debtors Motion for Entry of Order (I) Authorizing Continued Use of Cash Management System, (II) Authorizing the Continuation of Intercompany Transactions, (III) Granting Administrative Priority Status to Postpetition Intercompany Transactions, (IV) Authorizing Use of Prepetition Bank Accounts, Account Control Agreements, and Certain Payment Methods, and (V) Waiving the Requirements of 11 U.S.C. § 345(b) on an Interim Basis Filed By The Wet Seal, Inc., a Delaware Corporation (Kandestin, Maris) (Entered: 01/16/2015)

The Wet Seal, Inc. filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on January 15, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Delaware. The case number for the lead bankruptcy case is 15-10081. The bankruptcy case is currently assigned to United States Bankruptcy Judge Christopher Sontchi. The law firm of Klee, Tuchin, Bogdanoff & Stern LLP is acting as lead bankruptcy counsel to The Wet Seal, Inc. in the bankruptcy case.


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