Costume lovers, cross your fingers and hold your breaths as venerable cosplay brand Rubies are close to working a deal that will pull them out of Chapter 11 bankruptcy.
Following the announcement earlier this year that Rubie’s Masquerade Company had filed for Chapter 11 in the US, Toy World understands that a deal for the company to exit Chapter 11 is imminent. The company is currently going through the necessary court process, with a deal expected to be rubber-stamped later this week.
The company in pole position to secure the debtor’s assets is referred to in the court documents as “Rubie’s II”; it is described as a “Stalking Horse Purchaser.” The general manager of Rubie’s II is listed as Joel Weinshanker, the chairman and founder of Neca, a privately-held corporation which specialises in collectible licensed figurines. Neca is described as having “over 20 years of experience” in the toy and collectibles field, with over 50 licences in its portfolio. Joel is also the managing partner of Graceland Holdings LLC, the majority owner of Elvis Presley Enterprises, and the owner of several other business ventures.
Rubie’s II is referred to as a limited liability company, with funds managed by Atalaya Capital Management, which manages in excess of $5b assets. At the closing of the deal, funds managed by Atalaya will capitalise Rubie’s II with $25m cash equity. Additionally, Rubie’s II is in the process of completing documentation for first and second lien asset based loans that will provide Rubie’s II with in excess of $85m of additional capital.
According to the court filing, initial conversations with the Rubie’s started in June of 2020, followed by the diligence phase of the process. During this phase, Joel is said to have personally met with the Rubie’s management team on numerous occasions to learn about the business, examining books and records, as well as meeting with personnel to assess the strength of the business. Following this diligence process, the parties executed a Letter of Intent on July 31st.
- Hardcover Book
- Hidalgo, Pablo (Author)
- English (Publication Language)
- 264 Pages - 11/03/2020 (Publication Date) - DK (Publisher)
