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Showing posts from September, 2017

Ironclad Performance Wear Corporation(OTCMKTS:ICPWQ)

Ironclad Performance Wear Corporation is a company that filed for bankruptcy on September 8th in the Central District of California, San Fernando Valley Division.  During this bankruptcy Ironclad will continue to its operations while pursuing a 363 sale for substantially all its assets.

In order to carry on with its operations, Ironclad got DIP financing from Radians Wareham Holding Inc. which consists of an initial 1m to draw on followed by an additional 1m for purchases additional inventory.

Concurrently along with the DIP financing, Radians also entered into a Stalking Horse Purchase Agreement in which Radians plans to purchase substantially all of Ironclad's assets for $20m, subject to a reduction to $15m and assumption of certain liabilities. According to CEO Geoff Greulich's First Day Declaration, the "purchaser will be paying a cash purchase price of either $15 million or $20 million depending upon the occurrence of an event which is sensitive and is the subject of…