The U.S. arm of British lingerie company Agent Provocateur has filed for chapter 11 protection to execute a sale of its assets, which were stranded when the company went bankrupt in the U.K., MarketWatch.com reported yesterday Agent Provocateur Inc. filed for bankruptcy in the U.S. on Tuesday, having reached an agreement to sell 12 of its U.S. stores to Four Marketing Group. Fashion agency Four Marketing, which also bought Agent Provocateur's U.K. operation, has agreed to provide the U.S. company with a $500,000 bankruptcy loan and serve as a stalking horse bidder during a bankruptcy auction for the stores. Parent company Agent Provocateur Ltd. entered administration in the U.K. in March after accounting irregularities surfaced late last year, which would have required the company's private-equity sponsor, 3i Group PLC, to invest substantially more, according to court documents.
