KL Wind-Down, Inc., et al.

  1. October 07, 2015

    Karmaloop's Bankruptcy Converted To Ch. 7

    Web-based streetwear retailer Karmaloop has received a Delaware bankruptcy judge's approval to convert the company's case to a Chapter 7, clearing a path for the retailer to liquidate its remaining assets after it failed to come up with a reorganization plan in the face of a heavy tax burden.

  2. August 26, 2015

    Karmaloop Seeks Quick Switch To Ch. 7, Citing Tax Burden

    Web-based streetwear retailer Karmaloop Inc. is seeking a swift Chapter 7 conversion, telling a Delaware bankruptcy court Tuesday that significant priority tax and administrative claims have created "insurmountable hurdles" to a Chapter 11 reorganization.

  3. June 22, 2015

    Karmaloop Gets Nod For Creditor Deal That Allowed Sale

    A Delaware bankruptcy judge gave the Karmaloop Inc. estate approval Monday for a deal with unsecured creditors that had helped push the sale to senior secured lenders forward, despite objections from the U.S. Trustee's Office that the settlement may be flouting Chapter 11 rules.

  4. May 28, 2015

    Karmaloop Can Pay Burns & Levinson For Early Ch. 11 Work

    A Delaware bankruptcy judge on Thursday allowed Burns & Levinson LLP to be paid as special counsel in the Karmaloop Inc. Chapter 11 case for the period which she did not allow the firm to be retained as debtors' counsel, despite objections from the U.S. Trustee's Office.

  5. May 21, 2015

    Bankrupt Karmaloop Sold To Lenders After No Suitors Emerge

    A Delaware bankruptcy judge agreed Thursday to allow Karmaloop Inc. to hand itself over to senior secured lenders after no bids were fielded to purchase the online apparel seller, and the top creditors also reached a settlement with unsecured creditors who had previously criticized the transaction.

  6. May 15, 2015

    Unsecured Karmaloop Creditors Want Sale Proceeds In Escrow

    The unsecured creditors committee in the bankruptcy of online apparel seller Karmaloop Inc. blasted the debtor's planned sale Thursday, reiterating its contention the transaction is essentially a foreclosure by senior secured lenders and arguing that proceeds should be held in escrow until its known whether the estate can pay priority claims.

  7. April 30, 2015

    Karmaloop Defeats Trustee's Bid To Nix Bankruptcy Counsel

    A Delaware bankruptcy judge on Thursday authorized Karmaloop Inc. to bring Burns & Levinson LLP aboard as counsel in its Chapter 11 case despite opposition from the U.S. Trustee's Office, finding no conflicts of interest that would prevent the firm from working for the online retailer.

  8. April 28, 2015

    Bankruptcy Monitors Want Karmaloop's Ch. 11 Firm DQ'd

    Federal bankruptcy overseers on Monday moved to disqualify Burns & Levinson LLP from serving as bankruptcy counsel to Karmaloop Inc., citing alleged conflicts of interest involving two lawyers said to have recently dumped investments in the online apparel seller and another married to its general counsel.

  9. April 15, 2015

    Karmaloop Gets Nod For Ch. 11 Sale Plan With May Auction

    A Delaware bankruptcy judge on Wednesday agreed to greenlight online apparel seller Karmaloop Inc.'s plans for a Chapter 11 sale with senior secured lenders stepping in as the stalking horse bidder for an auction that would take place shortly after Memorial Day.

  10. March 25, 2015

    Karmaloop Gets Interim Nod For $31M DIP Package

    A Delaware bankruptcy judge on Wednesday blessed a slate of first day motions for Karmaloop Inc., including preliminary approval of a nearly $31 million debtor-in-possession loan, designed to keep the online clothing retailer going while it pursues a sale in Chapter 11.