Choate Represents Wells Fargo in Connection with Chapter 11 Proceeding of Brooks Brothers Group

Choate represents Wells Fargo Bank, N.A. as administrative and collateral agent in connection with the $315 million asset-based credit facility to Brooks Brothers Group, Inc. and various of its affiliates. In early July, Brooks Brothers commenced Chapter 11 bankruptcy proceedings due to the pandemic’s negative impact on demand for business attire and the retail industry as a whole. In connection with the Chapter 11 proceeding, Wells Fargo has agreed to the terms of consensual use of cash collateral, which, together with an $80 million debtor in possession credit facility provided by ABG-BB, LLC, will provide liquidity to support a Section 363 sale process.