Sports Authority is still pursuing a "robust" sale process and is not yet ready to settle for liquidation, attorneys for the sporting goods retailer told a federal bankruptcy judge on Tuesday.
Judge Mary Walrath could have forced the retail giant into Chapter 7 liquidation. Last week, she struck down $595 million in bankruptcy financing that did not account for rent and administrative fees, but Sports Authority and its lenders ironed out a debtor-in-possession financing agreement that accounted for those requests.
With the funding set, Sports Authority now can pursue discussions with several parties that expressed interest in buying all or most of the Englewood-based company's assets, attorney Robert Klyman said during the hearing Tuesday in the U.