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Authentic Brands Group LLC, which owns celebrity brands such as Elvis Presley and fashion brands including Jones New York, said that it completed its buyout of lingerie brand Frederick's Of Hollywood Inc., the Associated Press reported yesterday. A bankruptcy court judge approved the $22.5 million sale earlier this month. Authentic Brands said yesterday that the deal increases its portfolio to nearly $5 billion in retail sales. Authentic Brands also owns the celebrity brands for Marilyn Monroe and Muhammad Ali and fashion brands including Juicy Couture and Airwalk.

U.S. gun maker Colt filed for bankruptcy protection on Sunday and has put itself up for sale in an unusual auction with an opening proposal from its current owner, Reuters reported yesterday. An affiliate of private equity firm Sciens Capital Management has proposed buying Colt Defense by assuming obligations including up to $105 million in outstanding loans and as much as $20 million in new loans, court documents filed on Monday show. The stalking-horse bid does not involve any cash and sheds $250 million in bonds. In other words, Colt would look much like it does now, only without the bonds.

RadioShack Corp. filed a bankruptcy liquidation plan explaining how the remaining assets of the once-iconic consumer-electronics retailer will be distributed, Bloomberg News reported on Saturday. The plan follows the sale of about 1,700 of the Fort Worth, Texas-based chain’s stores -- as well as the rights to its name -- to Standard General LP. The hedge fund plans to run the locations under a co-branding arrangement with Sprint Corp. In addition to buying the stores for about $145.5 million, Standard General purchased data on about 67 million customers in a $26.2 million deal for assets including the RadioShack name. The plan filed on Friday in bankruptcy court doesn’t include specific distribution amounts.

The Erie (Pa.) Otters will be sold at auction with prospective buyers in the Otters case submitting their offers by June 24 and will be unable to bid the day of the auction, now set for July 10 in U.S. Bankruptcy Court in Erie, the Erie Times-News reported yesterday. Last-minute bids are standard in most bankruptcy sales, but Bankruptcy Judge Thomas P. Agresti set the June 24 deadline because of the complexity of the sale, according to newly filed court records. Judge Agresti said that he primarily wants to give the Ontario Hockey League enough time to vet the prospective buyers before July 10. Agresti and the OHL must approve any deal.

Nirvana, a Forestport, N.Y.-based water bottling company, and affiliates Millers Wood Development, Nirvana Transport and Nirvana Warehousing, on June 3 filed for chapter 11 protection, TheStreet.com reported yesterday. Bankruptcy Judge Diane Davis on June 4 granted joint administration of the cases as well as interim use of cash collateral. A final hearing is set for June 15. According to a first-day affidavit from president and co-founder Mozafar Rafizadeh, the company hopes to sell its assets through a competitive bidding process, but it has yet to file a bidding procedures motion.

Most of the data belonging to 117 million RadioShack customers is safe, CNNMoney.com reported yesterday. The bankrupt chain originally proposed selling the information to raise money and repay creditors. But that sparked a backlash from suppliers including AT&T and Apple, as well as the Federal Trade Commission and consumer advocates who argued that the electronics retailer had promised customers it would protect their data. RadioShack struck a deal with a coalition of 38 state attorneys general to destroy most of RadioShack's consumer data, and stipulated that no credit or debit card account numbers, social security numbers, dates of birth or even phone numbers would be transferred. The agreement was part of the sale of all of RadioShack's assets for $26.2 million, and was approved by the bankruptcy court late last week. Most of the assets, including some limited customer information, were purchased by General Wireless, a subsidiary of RadioShack's largest shareholder, which intends to keep 1,750 of the stores open with the RadioShack name and operate its online business. General Wireless agreed not to sell the customer data it is buying to a third party, and to comply with RadioShack's previous privacy promises.

A reorganization plan intended to shepherd Chassix Holdings Inc. out of bankruptcy protection is facing headwinds from unsecured creditors, who say that the reorganized auto-parts maker has been undervalued by $150 million, Dow Jones Daily Bankruptcy Review reported today. In an objection filed on Wednesday in bankruptcy court, lawyers for unsecured creditors said that the difference in valuation benefits the company's bondholders at the expense of its unsecured creditors, who are currently slated to recover between 5 percent and 16 percent of what they are owed. In its own court papers, Chassix has called the plan both fair and reasonable.

A financial adviser to NII Holdings' creditors testified yesterday that the bankrupt wireless operator's $4.35 billion restructuring plan is good for all creditors, including those who oppose it, Reuters reported yesterday. Andrew Scruton of FTI Consulting took the stand on the fifth day of a trial over a plan by NII, which operates the Nextel brand in Brazil, to hand control of the company to Aurelius Capital Management and other holders of $4.35 billion in debt. The plan, which needs the approval of Bankruptcy Judge Shelley Chapman, is supported by most creditors, but opposed by a bondholder faction known as the CapCo group. It alleges that Aurelius and other powerful holders designed the plan themselves as a sweetheart deal, costing CapCo $150 million, more than a third of its total payout. Scruton, who advised NII's unsecured creditors' committee, said that the deal will benefit the CapCo group.

Walter Energy Inc. will miss an interest payment to junior noteholders due in four days as it negotiates with creditors to restructure its debt, Bloomberg News reported today. The unprofitable coal producer will enter into a 30-day grace period starting June 15 on $19 million due to holders of its $388 million 9.875 percent unsecured note maturing in December 2020, the company said yesterday. Walter’s plan to skip the coupon payment for now comes as it continues negotiations on a restructuring of its $3.1 billion debt load. 

The New Jersey Casino Control Commission said yesterday that it would allow investor Carl Icahn own the Trump Taj Mahal in Atlantic City, the Philadelphia Business Journal reported today. The state gambling regulators are allowing Icahn, who already owns the Tropicana Casino and Resort, to acquire the troubled Taj Mahal from bankruptcy court. The billionaire will be taking $292 million of parent company Trump Entertainment Resorts’ debt and put it toward ownership of the company. He will invest as much as $100 million to keep the property open after bankruptcy.