20230930-DK-Butterfly-1, Inc.: going-concern / distress — Bed Bath & Beyond selects Overstock as successful bidder for $21.5M asset sale; DIP financing approved

20230930-DK-Butterfly-1, Inc.

Overstock.com selected as successful bidder to acquire IP, business data, mobile apps, and certain contracts for $21.5M.
Sale hearing set for June 27, 2023; closing expected shortly after, with termination date of July 3, 2023.
Bankruptcy Court entered final order authorizing DIP facility: $40M new money term loan plus $200M roll-up.
DIP proceeds to fund post-petition working capital, administrative costs, and other court-approved uses.

item 1.01 item 1.03

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

20230930-DK-Butterfly-1, Inc. entered chapter 11 in Bankruptcy Court (petition 2023-06-15).

Proceeding: chapter 11
Court: Bankruptcy Court
Petition: 2023-06-15

Exact text from the filing

Item 1.03. Bankruptcy or Receivership. DIP Credit Agreement On June 15, 2023, the Bankruptcy Court issued a final order (the "Final Order") pursuant to the Bankruptcy Court authorizing, on a final basis, among other things: (1) entry into a senior secured super-priority debtor in possession term loan credit facility

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Source: SEC EDGAR

accession 0001193125-23-172557

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