The Robert Allen Duralee bankruptcy saga has turned the web page on a new chapter—the beleaguered fabric massive has an ability client. In an email to employees sent on Friday, CEO Lee Silberman announced that his company has “entered into an asset buy agreement with RADG Holdings, LLC with appreciation to its proposed buy of The Robert Allen Duralee Group … pointless to mention, we’re all very thrilled.”
The bid is for $19 million. If some other entity wishes to outbid the “stalking horse” (the primary mover in a bankruptcy shopping settlement), it’s going to have to pony up $19.7 million or extra. If no new bid emerges via the stop of the month, RADG Holdings will own Robert Allen Duralee.
Who or what is RADG Holdings? Here’s what we recognize thus far.
On legal files filed with the declaration, it’s indicated that Brant Enderle is the supervisor of RADG Holdings, and that the corporation’s offices are situated in Knoxville, Tennessee. At this early date, it’s not clear whether Enderle owns RADG Holdings outright or whether it’s a shell enterprise set up to represent an investment institution. The LLC became incorporated handiest ten days ago in Delaware.
Enderle seems to have no prior connection to the fabric or domestic fixtures enterprise. Recent information articles paint him as a Knoxville actual property developer; his tasks encompass a local brewery that closed in 2017, the website of an abandoned mill slated for business redevelopment, and 900 acres previously owned with the aid of the state electricity companyEnderle does have a history in shopping for distressed assets. In 2016, WBIR, a neighborhood information station, said that one of its companies, Knoxville Partners LLC, purchased a mall in Knoxville for $10.1 million, roughly a third of the appraisal rate. Since then, the mall has struggled to keep tenants, and, for a time, owed over $600,000 in back taxes (the taxes have been repaid).
