Bankrupt women’s fashion and accessories retailer A’Gaci has canceled an auction of its assets that had been scheduled for today, saying that it received no qualified bids, the San Antonio Express-News reported. “Despite an active marketing process and due diligence from several potential buyers, no acceptable buyer emerged,” said Ian Peck, A’Gaci’s bankruptcy lawyer. “So the company decided to cancel the auction and not move forward with the sale process any further.” A’Gaci now is focused on developing a reorganization plan that will allow it to emerge from chapter 11 protection, he said. The retailer already has received support from various creditors regarding efforts to reorganize, he said. The company listed $37.3 million in assets and $54.7 million in liabilities in a February court filing. A’Gaci had no set minimum price when it solicited offers for the purchase of substantially all of its assets and liabilities, Peck said. No stalking-horse bidder was ever lined up. “You never want to schedule a party and then have no one come,” John Penn, a Dallas bankruptcy lawyer not involved in the case, said of the canceled auction. “You’re on a track for a sale and no one showed up to buy what you were selling.” Read more. https://www.expressnews.com/business/local/article/Bankrupt-retailer-A-…
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