MACKENZIE-CHILDS, LTD. COMPLETES THE SALE OF SUBSTANTIALLY ALL OF ITS ASSETS TO MCL ACQUISITION CORP.
May 21, 2001
On May 21, 2001, MacKenzie-Childs Ltd. completed the sale of substantially all of its assets to MCL Acquisition Corp., a Delaware corporation led by Pleasant T. Rowland. Ms. Rowland is the founder of the American Girl doll business, which was acquired by Mattel Inc. in 1998. MCL Acquisition Corp. emerged as the successful bidder through competitive bidding procedures under Section 363 of the U.S. Bankruptcy Code in a Court auction after purchasing BSB Bank & Trust, Co.’s debt, securities, and collateral guarantees relating to MacKenzie-Childs Ltd. In addition to purchasing the bank’s debt, MCL Acquistion Corp. paid cash to the estate. The transactin was approved by the Bankruptch Court. Conway, Del Genio, Gries & Co. ("CDG") served as financial advisors to MacKenzie-Childs Ltd. in the transaction.
MacKenzie-Childs Ltd., founded in 1983 by Victoria and Richard MacKenzie-Childs, file a voluntary petitioni for reorganization under Chapter 11 of the Bankruptcy Code on November 28, 2000.
For further information, please contact Robert A. Del Genio of Conway, Del Genio, Gries & Co., LLC, a firm specializing in corporate finance advisory services with a focus on restructurings and mergers and acquisitions. Mr. Del Genio’s telephone number is (212) 813-1300.