%1

Cache Inc., the women’s clothing chain known for helping popularize Armani and Versace designs in the U.S., is planning to liquidate the company after filing for bankruptcy, Bloomberg News reported on Friday. The retailer has sought bids for firms that can help shut down all its stores and sell assets in a bankruptcy. A liquidation would add Cache to the ranks of other mall-based retailers that have ceased operations since the end of last year, including Delia’s Inc., Deb Stores and Body Central. Unlike those chains, Cache is based in more upscale shopping centers, many of which are still thriving. Still, the company faces pressure from e-commerce sites and fast-fashion rivals such as Hennes & Mauritz AB, which offer a cheaper alternative.

A bankruptcy judge on Friday signed off on shipper Nautilus Holdings Ltd. plan to exit bankruptcy protection, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Robert Drain approved Nautilus's restructuring plan, according to Nautilus's bankruptcy lawyer Jay Goffman of Skadden Arps. The chapter 11 plan called for Nautilus to restructure $772.6 million in debt tied to six different loans secured by its fleet of 16 vessels. The plan calls for many of the loans to be repaid in full under new terms, while some of the debt would be converted to equity.

At a Thursday protest, union employees from Atlantic City, N.J.’s Trump Taj Mahal had an angry message to deliver to billionaire Carl Icahn, the Wall Street Journal reported on Saturday, and now, the employees have their answer. In a letter posted to his website, the activist investor argues that he’s “not fighting against the employees” of the Taj Mahal, who had their medical and pension benefits cut as part of the beleaguered casino’s bankruptcy. Instead, Icahn says, “I am fighting for those employees — fighting to save their jobs in the midst of a wholly unstable crisis.” Icahn, who, as the largest secured lender to the Taj Mahal, control’s the casino’s fate, blames the “catastrophic circumstances” facing Atlantic City for the cuts employees have faced. He also details at length why the union’s health care plan had to be cut, and why he believes providing health plans under the Affordable Care Act or Medicaid are an adequate solution.

A U.S. federal appeals court has delayed the sale of the shuttered Revel Casino in Atlantic City pending an appeal by a company that ran its nightclub and boardwalk dance club, Reuters reported on Saturday. The order, issued late on Friday by Third U.S. Circuit Court of Appeals Court Judge Thomas Ambro, gives attorneys for Revel until Tuesday to respond to the appeal filed by IDEA Boardwalk, Llc. The company, along with several restaurants which had also leased space inside the casino, had lost a challenge to the sale in a Jan. 21 federal court. The sale to Florida developer Glen Straub, who bought Revel in bankruptcy court for $95.4 million, was expected to be completed by Feb. 7. The nightclub appealed that order, claiming the sale could cost it some $16 million it had invested to build bars, bathrooms and sound systems as part of its 25-year lease.

Hedge fund Standard General LP is in talks to serve as the lead bidder at a bankruptcy auction for struggling consumer-electronics retailer RadioShack Corp., the Wall Street Journal reported today. RadioShack, which is running out of cash after reporting losses in each of the last 11 quarters, was aiming to file for chapter 11 protection as early as today. But as of yesterday, the company and its advisers were still working out the details of an agreement with Standard General to serve as the stalking-horse bid at a court-supervised auction for RadioShack’s assets. Standard General last year became the company’s largest shareholder and led a financing that helped RadioShack get through the holidays.

The debate on Jan. 29, at a Bloomberg event looking at the Final Report of the ABI Chapter 11 Reform Commission, centered not on whether to alter the Bankruptcy Code but on specific changes of everything from real estate lease rejection timelines to plan voting requirements, The Deal Pipeline reported on Friday. Wachtell, Lipton, Rosen & Katz partner Harold S. Novikoff, one of the panelists in an opening discussion, said the Dec. 8 report was not a "teardown" of the Code. The event's moderator, Bill Rochelle of Bloomberg News, later called many of the changes "not radical." University of Maryland Francis King Carey School of Law professor Michelle M. Harner said that the special commission formed by the ABI for the report began its three-year process in January 2011 asking if the rules governing bankruptcy even needed updating. Part of the discussion dealt with the treatment of executory contracts and leases. A suggestion outlined in the commission's report was extending the period to reject real estate leases from the current seven months to a year. http://www.thedeal.com/content/restructuring/panelists-discuss-changes-… To view the recommendations of the Final Report of ABI’s Chapter 11 Reform Commission, please visit http://commission.abi.org.

Spyker was forced into bankruptcy late last year by a Dutch court after it was determined the struggling sports car brand, already behind in its payments, wouldn’t be able to pay back creditors, MotorAuthority.com reported today. Fast forward to today and Spyker is no longer in bankruptcy thanks to a bridging loan that will keep the company going for the time being. The bridging loan provided a solid foundation for Spyker in lodging a successful appeal to have the bankruptcy ruling overturned yesterday in court. The automaker isn’t quite out of the woods yet, as it still is operating under a “temporary moratorium of payment” which is similar to chapter 11 protection in the U.S.

With a lender poised to force it into receivership, an Oak Creek, Wis.-based supplier of sports-related energy and nutritional supplements has filed for chapter 11 protection, the Milwaukee Journal Sentinel. reported today. SupplementWarehouse.com Inc., which employs 62 people at its headquarters, its online operation and two retail stores, has sought bankruptcy court protection from creditors as it reorganizes its financial affairs. The firm lists both assets and debts in the $1 million to $10 million range. The company said in its petition that it expects to have money for unsecured creditors after reorganization. In a bankruptcy court document, the company said its operational and profitability problems stem largely from issues related to inventory management, "inventory leakage" and expense control.

With a lender poised to force it into receivership, an Oak Creek, Wis.-based supplier of sports-related energy and nutritional supplements has filed for chapter 11 protection, the Milwaukee Journal Sentinel. reported today. SupplementWarehouse.com Inc., which employs 62 people at its headquarters, its online operation and two retail stores, has sought bankruptcy court protection from creditors as it reorganizes its financial affairs. The firm lists both assets and debts in the $1 million to $10 million range. The company said in its petition that it expects to have money for unsecured creditors after reorganization. In a bankruptcy court document, the company said its operational and profitability problems stem largely from issues related to inventory management, "inventory leakage" and expense control.

Bankrupt drugmaker Dendreon Corp. has reached a stalking-horse deal with Canada's Valeant Pharmaceuticals International Inc. to sell the worldwide rights to its cancer vaccine, Provenge, and certain assets for $296 million, Reuters reported today. The deal is subject to higher and better bids and extended the bid deadline to Feb. 10 for interested parties to participate in an auction, Dendreon said yesterday. Seattle-based Dendreon filed for bankruptcy protection in November, after sales of Provenge fell short of expectations and left the company deep in debt. After the drug's approval by U.S. regulators in 2010, hopes were high that Provenge would become a blockbuster. But adoption of the drug, which uses an injection to reprogram the immune system to attack advanced prostate cancer cells, was hindered by its hefty price tag and uncertainty over insurance coverage.