The proposal for Forma Brands, the parent company of Morphe and Lipstick Queen amongst others, to be acquired by lenders has been approved by a bankruptcy court, legal documents showed.
Forma Brands filed for voluntary Chapter 11 bankruptcy in mid-January in a Delaware court because the business struggled to tread water. On the time, the beleaguered company entered right into a take care of lenders including Jefferies Finance and Cerberus Capital Management, under which substantially all of Forma Brands’ assets, including wholesale operations, online platforms and Morphe stores (all now shuttered), were set to be acquired.
The proposed deal received court approval this week for $690 million in debt relief.
Parent company Forma, which didn't immediately reply to request for comment Thursday,...
Continue reading
0 Comments
