The Wet Seal, Inc. Bankruptcy New Filing Alert: Objection To The Motion For Authority To Sell Assets Of The Estates Pursuant To Section 363 Of The Bankruptcy Code

On March 27, 2015, an objection to the motion for authority to sell assets of the estates pursuant to section 363 of the Bankruptcy Code was filed in the bankruptcy case of The Wet Seal, Inc. and its affiliates.

The filing was assigned docket number 511 and is described on the court’s official docket as follows:

Objection By Westfield, LLC and Certain of Its Affiliates to: (I) Debtors’ Motion or Entry of An Order Authorizing (A) The Sale of Substantially All of the Debtors’ Assets Free and Clear of All Claims, Liens, Rights, Interests and Encumbrances; (B) The Debtors To Enter Into and Perform Their Obligations Under the Asset Purchase Agreement; and (C) The Debtors to Assume and Assign Certain Executory Contracts and Unexpired Leases (Doc. ID. No. 426]; and The Notice of (I) Possible Treatment of Contracts and leases, (II) Fixing of Cure Amounts, and (III) Deadline to Object Thereto [Doc. ID. 452]; and Assertion of “Stub Rent” Claim Amounts (related document(s)[426], [452]) Filed by Westfield, LLC (Attachments: # (1) Exhibit 1 # (2) Certificate of Service) (Guerke, Kevin)

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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