The parties agreed to convert the bankruptcy auction into a private sale under which Sports Direct will guarantee the payment of stub rent to landlords in the case and have the right to pursue avoidance claims for the estate only if Eastern Outfitters doesn’t pursue them. In return, the unsecured creditors committee dropped its objection to allowing Sports Direct to credit bid the full amount of the $42 million in second lien debt that it purchased for $29 million.

The amended asset purchase agreement, approved by the court, will clear the way for Sports Direct to enter the U.S. market through ... Log in to view full article.