White & Case Advises CION Investment Corporation on the Purchase of Substantially All Assets of David's Bridal

Global law firm White & Case LLP has advised CION Investment Corporation on the purchase of substantially all of the assets of David's Bridal, the nation's leading bridal and special occasion authority.

Through the transaction, David's Bridal will continue operations at up to 195 stores, preserving 7,000 jobs across the US. CION has invested US$20 million into the new business to fund future growth in the company, and has assumed certain bankruptcy-related liabilities. Additionally, Bank of America will continue to provide financing to enhance the business' financial flexibility through a US$50 million revolving credit facility and a US$20 million term loan facility.

CION Investment Corporation is a leading publicly listed business development company that had approximately US$1.9 billion in assets as of March 31, 2023. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to US middle-market companies.

The White & Case team was led by Debt Finance partner Eric Klar (Miami), Financial Restructuring and Insolvency partner Scott Greissman (New York) and M&A partner Adam Cieply (New York), and included Financial Restructuring and Insolvency associates Cody Lehrer and Andrew Costello (New York); M&A partner William Fong (Hong Kong) and associates Jane Kim, Annabelle Healey, Harkesh Patel, Ren-Ann Wang (New York) and Annie Wan (Hong Kong); Tax partner Scott Fryman, (New York); Real Estate partner Steven Lutt (New York); Employment, Compensation & Benefits partner Tal Marnin and counsel Kenneth Barr (New York); Technology Transactions partner Arlene Arin Hahn and associate Jarrah Al-Buainain (New York); and Debt Finance associates Deland Ji (New York), Darius Cade (Chicago) and Iris Ma (Silicon Valley).

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