Rockport files Chapter 11, Charlesbank to buy assets

Rockport Group said May 14 that it filed Chapter 11 bankruptcy in Delaware. At the same time, Rockport said that Charlesbank Capital Partners had entered into an asset purchase agreement to buy all of Rockport’s assets. Charlesbank is serving as “stalking horse bidder" in a court-supervised sale process. Rockport said it had obtained $20 million in new-money debtor-in-possession ("DIP") financing from its existing noteholders, which along with an existing $60 million credit facility, will provide the company with liquidity through the process. Rockport, of Newton, Massachusetts, is a men’s and women’s footwear company.

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