With a potential auction — if there are any bidders — scheduled for July 20, a number of motions have been filed in which Hasting Entertainment is trying to secure a stalking horse bid. After filing for bankruptcy protection just over a month ago, the distressed entertainment retailer looks to be headed for liquidation rather than reorganization, however, since the prospective bid is from liquidators Hilco and Gordon Brothers. In its current form, that bid would just cover the secured lenders, and leave little or nothing for unsecured trade creditors, including many publishers. The proposed stalking horse bid “provides for […]
