Joseph Marchese, a partner at PKF Clear Thinking, was appointed chief restructuring officer of footwear brand The Rockport Company, which commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.
As part of the case, Rockport also intends to file a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire Rockport’s assets.
“As Rockport’s Chapter 11 proceedings get underway, our team’s immediate priority is to assess the present situation and develop a process to maximize value recoveries for all stakeholders,” Marchese said. “Our proven track record of supporting companies through these types of proceedings will be invaluable as we work with diligence, thoroughness and transparency to achieve the best outcome.”
With the support of the PKF Clear Thinking team led by partner Michael Wesley, Rockport anticipates operating “business as usual” during the Chapter 11 process. Subject to court approval, Rockport will operate utilizing debtor-in-possession financing, which will provide Rockport with sufficient liquidity to continue its operations during the Chapter 11 case and related sale process. In anticipation of the Chapter 11 sales process, Rockport entered into negotiations with a potential purchaser to serve as a stalking horse bidder.
Potter Anderson & Corroon is serving as legal advisor to Rockport in connection with the Chapter 11 proceedings. Stifel, Nicolaus & Co and its affiliate Miller Buckfire are serving as Rockport’s investment banker, and PKF Clear Thinking is serving as its restructuring advisor.
