Next week in bankruptcy, two companies—Ashley Stewart and Quantum Foods—on Thursday will each place their assets on the auction block.
Retailer Ashley Stewart Holdings Inc.’s auction will be led by private equity firm Clearlake Capital Group, which is offering $18 million in cash, subject to an inventory adjustment.
The quick sale timeline is important, the company said, to assure others that Ashley Stewart isn’t going down the same path as other retailers that have liquidated recently.
Separately Thursday, Quantum Foods LLC is going to auction with an offer from Oaktree Capital. Oaktree’s bid consists of $54 million in cash and $30.3 million in assumed liabilities.
The company, with top-ranking debt of about $50 million, entered Chapter 11 with a $51 million offer from CTI, a so-called custom culinary company that supplies meat products, soups and side dishes. CTI, owned by Thomas H. Lee Partners and the private equity arm of Goldman Sachs Group Inc., could still bid.