A group of lenders to bankrupt David’s Bridal Inc. is trying to “extract a last-minute fee concession” from Evercore Group LLC just as the retailer’s time in chapter 11 is about to end, the investment bank says, WSJ Pro Bankruptcy reported. Earlier this month Oaktree Capital Management LP, Courage Capital Management LLC, AlbaCore Capital LLP and Deutsche Bank AG told the U.S. Bankruptcy Court in Wilmington, Del., that they objected to “excessive” fees that Evercore is expected to get for its work in the wedding gown retailer’s reorganization. The creditor group, which holds more than half of David’s $481.2 million in term loans, said the $13.1 million that Evercore is set to receive should be halved to $6.5 million. Among other things, the lenders said that Evercore shouldn’t be able to “double dip” by getting a fee both for David’s bankruptcy financing as well as for the financing that the retailer has lined up for its exit from chapter 11.
