Brief: Cache files for chapter 11 continues to seek strategic partner

Cache

04/02/2015 11:20

Feb 4 (Reuters) - Cache Inc  CACH.O : 
 * Cache Inc files for chapter 11 continues to seek strategic partner 
 * Says intends to continue to operate its business in the ordinary course 
   during this time 
 * Co its representatives have sought proposals from experienced liquidators to 
   serve as a stalking horse purchaser of the company's assets 
 * Has received a commitment for up to $22 million in debtor-in-possession 
   financing from salus capital partners, llc 
 * Says the dip facility is subject to court approval 
 * Says the company does not intend to appeal the NASDAQ determination 
 * Co representatives have sought proposals from experienced liquidators to 
   serve as a stalking horse purchaser of the company's assets 
 * Says pachulski stang ziehl & jones llp is serving as the company's legal 
   advisors, fti consulting, inc as its financial advisor 
 * Says anticipated that caché's assets will be insufficient to satisfy all of 
   its obligations to creditors 
 * Seeking authority from court to pay wages and salaries, continue employee 
   benefit programs, pay vendors on an ongoing basis 
 * Says expected that no distributions will be made to holders of the company's 
   common stock 
 
 * Source text for Eikon  ID:nGNXVCRHWa  
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