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Stock impact report

Forever 21 creditors probe IP sale to Authentic Brands Group [Yahoo! Finance]

Simon Property Group, Inc. (SPG) 
Last simon property group, inc. earnings: 2/4 07:30 am Check Earnings Report
US:NYSE Investor Relations: investors.simon.com
Company Research Source: Yahoo! Finance
A committee of unsecured Forever 21 creditors has objected to a bankruptcy plan by its debtors and is investigating what it describes as a transfer of the fast-fashion brand's intellectual property assets, according to documents filed last week with the U.S. Bankruptcy Court for the District of Delaware. “The prospects of a going concern sale are grim given that the Debtors appear to have sold their valuable Forever 21 intellectual property assets to a subsidiary of Authentic Brands Group, an affiliate of the Debtors' majority equity holders, prior to the Petition Date,” the committee wrote in the filing. The committee is alluding to a statement by Stephen Coulombe , co-chief restructuring officer of F21 OpCo, the entity that filed under Chapter 11 on March 16 and is essentially Forever 21's U.S. operating company. Coulombe doesn't provide details about any transaction that may have shifted ownership, but goes on to say that, without the “valuable intellectual property,” the re Show less Read more
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