<h3>深度简报：</h3>
<ul>
<li>根据法庭文件，针对价值城市家具所有者美国签名公司的一个 “跟投者” 出价将把公司出售给由创始人 Schottenstein 家族拥有的实体，并考虑进行全链条清算。</li>
<li>提议的购买价格接近 1.479 亿美元，其中约 8320 万美元将以现金支付，根据债务人在 11 月 26 日提交的动议，寻求批准出价程序和进入购买协议的授权。</li>
<li>官方无担保债权人委员会于周三对该动议提出异议，建议进行持续经营的销售或重组将是对利益相关者的最佳结果。委员会还指出，考虑到提议销售的几个因素，包括这将使 Schottenstein 家族受益于无担保债权人，存在 “相当程度的怀疑”。</li>
</ul>
<h3>深度洞察：</h3>
<p>家族拥有和经营的美国签名公司——包括价值城市家具和美国签名家具——成立于 1948 年，上个月申请破产。在此过程中，跟投者的提案引起了一些债权人的不满，他们向破产公司索要数百万美元。</p>
<p>“Schottenstein 家族拥有并且直到一个月前控制债务人，” 异议中指出，声称该家族在申请破产前一个月才聘请财务顾问或重组官，并且在申请前 12 天才聘请投资银行家。“相反，在申请日期后的三天，债务人与一个新成立的 Schottenstein 实体达成了跟投者出价，以进行债务人的全链条清算，而无担保债权人剩余的价值不确定，欠款超过 2.3 亿美元。”</p>
<p>目前，A&amp;G 房地产合作伙伴正在为美国签名公司的 23 个商店租约征集报价，根据周三的新闻稿。这些地点平均面积为 5 万平方英尺，分布在 12 个州。</p>
<p>根据美国签名公司的说法，成立了一个冲突委员会，其中包括一名独立董事，确定跟投者的出价是公平的。此外，跟投者由独立律师代表。</p>
<p>当被问及美国签名公司或 Schottenstein 家族是否对提交的异议有任何评论时，该公司指回了其新闻稿。</p>
<p>跟投者和担保人均由 Schottenstein 家族直接或间接拥有。根据异议，该家族还控制了申请前的 ABL 贷款人、DIP 贷款人和提议的清算人。该家族与几家主要零售商有联系，Jay Schottenstein 担任美国鹰的首席执行官和执行董事长，同时也是设计鞋仓库所有者 Designer Brands 的执行董事长。</p>
<p>债权人对销售过程的速度表示担忧，销售过程大约为四周，要求 “进行真正的销售过程和合理的调查。” 提议的销售时间表旨在于 1 月 9 日达成交易。无担保债权人还表示，仅 800 万美元的债务人持有融资限制了销售过程，并对 Schottenstein 家族进行尽职调查的 150 万美元报销表示异议。</p>
<p>根据周三提交的动议，美国第三和第九地区的州受托人也对报销款提出了异议，其中包括对债务人跟投者动议的其他几项异议。</p>
<p>“考虑到假期期间这些巨大的限制，以及缺乏任何申请前的市场营销，提议的时间表不太可能产生竞争性出价或为无担保债权人创造价值，” 无担保债权人表示。“委员会理解 Schottenstein 家族希望迅速完成交易，几乎没有市场营销，这将使他们免于责任……但 Schottenstein 家族试图使自己免受索赔的努力受到更严格的审查，必须考虑对无担保债权人的潜在影响。”</p>

<p>债权人反对 Schottenstein 家族收购破产的 American Signature Inc.（Value City Furniture 的拥有者）的提议，理由是担心全链条清算以及对无担保债权人的潜在不利影响。这笔价值 1.479 亿美元的拟议出售因家族对公司的控制权和快速的出售过程而受到质疑。债权人要求进行彻底调查和公平的出售过程，并质疑 Schottenstein 家族 150 万美元的尽职调查费用报销</p>

<h3>Dive Brief:</h3>
<div class="lb-trans"><h3>深度简报：</h3>
</div><ul>
<li>A stalking horse bid for Value City Furniture owner American Signature Inc. would sell the company to entities owned by the founding Schottenstein family and contemplates a chainwide liquidation, according to court documents.</li>
<li>The proposed purchase price is nearly $147.9 million, of which about $83.2 million would be paid in cash, per a motion from the debtors filed in court on Nov. 26 seeking approval for the bid procedures and the authorization to enter into the purchase agreement.</li>
<li>An objection to the motion by The Official Committee of Unsecured Creditors was filed Wednesday, suggesting a going concern sale or restructuring would be the best outcome for stakeholders. The committee also noted “a healthy dose of skepticism” given several factors of the proposed sale, including that it would benefit the Schottenstein family over unsecured creditors.</li>
</ul>
<div class="lb-trans"><ul>
<li>根据法庭文件，针对价值城市家具所有者美国签名公司的一个 “跟投者” 出价将把公司出售给由创始人 Schottenstein 家族拥有的实体，并考虑进行全链条清算。</li>
<li>提议的购买价格接近 1.479 亿美元，其中约 8320 万美元将以现金支付，根据债务人在 11 月 26 日提交的动议，寻求批准出价程序和进入购买协议的授权。</li>
<li>官方无担保债权人委员会于周三对该动议提出异议，建议进行持续经营的销售或重组将是对利益相关者的最佳结果。委员会还指出，考虑到提议销售的几个因素，包括这将使 Schottenstein 家族受益于无担保债权人，存在 “相当程度的怀疑”。</li>
</ul>
</div><h3>Dive Insight:</h3>
<div class="lb-trans"><h3>深度洞察：</h3>
</div><p>The family-owned and operated American Signature Inc. — which includes Value City Furniture and American Signature Furniture — was founded in 1948 and filed for bankruptcy last month. A stalking horse bidder proposal during the process has ruffled the feathers of some creditors who are owed millions by the bankrupt company.</p>
<div class="lb-trans"><p>家族拥有和经营的美国签名公司——包括价值城市家具和美国签名家具——成立于 1948 年，上个月申请破产。在此过程中，跟投者的提案引起了一些债权人的不满，他们向破产公司索要数百万美元。</p>
</div><p>“The Schottenstein family owns and, up until a month ago, controlled, the Debtors,” the objection states, alleging that the family neglected to retain a financial adviser or restructuring officer until one month prior to filing and did not hire an investment banker until 12 days prior. “Instead, three days after the Petition Date, the Debtors entered into a stalking horse bid with a newly formed Schottenstein entity to conduct a full-chain liquidation of the Debtors with uncertain value remaining for unsecured creditors owed more than $230 million.”</p>
<div class="lb-trans"><p>“Schottenstein 家族拥有并且直到一个月前控制债务人，” 异议中指出，声称该家族在申请破产前一个月才聘请财务顾问或重组官，并且在申请前 12 天才聘请投资银行家。“相反，在申请日期后的三天，债务人与一个新成立的 Schottenstein 实体达成了跟投者出价，以进行债务人的全链条清算，而无担保债权人剩余的价值不确定，欠款超过 2.3 亿美元。”</p>
</div><p>Currently, offers are being solicited on 23 of American Signature Inc.’s store leases through A&amp;G Real Estate Partners, per a Wednesday press release. The locations average 50,000 square feet and are located across 12 states.</p>
<div class="lb-trans"><p>目前，A&amp;G 房地产合作伙伴正在为美国签名公司的 23 个商店租约征集报价，根据周三的新闻稿。这些地点平均面积为 5 万平方英尺，分布在 12 个州。</p>
</div><p>According to American Signature, a conflicts committee was created that included an independent director who determined the stalking horse offer was a fair bid. Additionally, the stalking horse bidder was represented by separate counsel.</p>
<div class="lb-trans"><p>根据美国签名公司的说法，成立了一个冲突委员会，其中包括一名独立董事，确定跟投者的出价是公平的。此外，跟投者由独立律师代表。</p>
</div><p>When asked if American Signature or the Schottenstein family had any comment regarding the objection that was filed, the company pointed back to its press release.</p>
<div class="lb-trans"><p>当被问及美国签名公司或 Schottenstein 家族是否对提交的异议有任何评论时，该公司指回了其新闻稿。</p>
</div><p>Both the stalking horse bidder and guarantor are directly or indirectly owned by the Schottenstein family. The Schottenstein family also controls the prepetition ABL lender, the DIP lender and the proposed liquidator, according to the objection. The family has connections to several major retailers, with Jay Schottenstein serving as CEO and executive chairman for American Eagle as well as executive chairman of Designer Shoe Warehouse owner Designer Brands.</p>
<div class="lb-trans"><p>跟投者和担保人均由 Schottenstein 家族直接或间接拥有。根据异议，该家族还控制了申请前的 ABL 贷款人、DIP 贷款人和提议的清算人。该家族与几家主要零售商有联系，Jay Schottenstein 担任美国鹰的首席执行官和执行董事长，同时也是设计鞋仓库所有者 Designer Brands 的执行董事长。</p>
</div><p>Creditors raised concerns about the speed of the sale process, which is roughly four weeks, requesting “a real sale process and a reasonable investigation.” The proposed sale schedule would aim to close a deal by Jan. 9. The unsecured creditors also said the debtor-in-possession financing of just $8 million is constraining the sale process and objected to a $1.5 million reimbursement for the Schottensteins to do diligence on a company they own.</p>
<div class="lb-trans"><p>债权人对销售过程的速度表示担忧，销售过程大约为四周，要求 “进行真正的销售过程和合理的调查。” 提议的销售时间表旨在于 1 月 9 日达成交易。无担保债权人还表示，仅 800 万美元的债务人持有融资限制了销售过程，并对 Schottenstein 家族进行尽职调查的 150 万美元报销表示异议。</p>
</div><p>The reimbursement money has also been objected to by the U.S. state trustee for regions three and nine, per a motion filed Wednesday that includes several other objections to the debtors’ stalking horse bidder motion.</p>
<div class="lb-trans"><p>根据周三提交的动议，美国第三和第九地区的州受托人也对报销款提出了异议，其中包括对债务人跟投者动议的其他几项异议。</p>
</div><p>“Given these incredible limitations over the holiday season, and in the absence of any prepetition marketing, the proposed timeline is unlikely to yield competitive bidding or generate value for unsecured creditors,” the unsecured creditors said. “The Committee understands the Schottensteins’ desire to consummate a quick sale with little or no marketing that will insulate them from liability ... But the Schottensteins’ efforts to insulate themselves from claims is subject to heightened scrutiny and must be viewed in light of the potential impact on unsecured creditors.”</p>
<div class="lb-trans"><p>“考虑到假期期间这些巨大的限制，以及缺乏任何申请前的市场营销，提议的时间表不太可能产生竞争性出价或为无担保债权人创造价值，” 无担保债权人表示。“委员会理解 Schottenstein 家族希望迅速完成交易，几乎没有市场营销，这将使他们免于责任……但 Schottenstein 家族试图使自己免受索赔的努力受到更严格的审查，必须考虑对无担保债权人的潜在影响。”</p>
</div>

债权人反对 Schottenstein 对破产的 Value City Furniture 所有者的收购提议