A bankruptcy judge on Thursday approved a preliminary deal between Wet Seal Inc. and B. Riley & Co. despite spirited opposition from rival bidder Versa Capital Management LLC, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Christopher Sontchi signed off a modified deal proposing that B. Riley take 80 percent of the equity in a reorganized Wet Seal in exchange for $25 million, $5 million more than had initially been offered. The remaining 20 percent of the company would be set aside for unsecured creditors.
