Angelica Corporation

On April 3, 2017, Angelica Corporation (“Angelica” or the “Company”) announced that it entered into an asset purchase agreement (“APA”) with an affiliate of KKR, under which the KKR affiliate will acquire substantially all of Angelica’s assets as a going concern.

To facilitate the sale process, Angelica filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Angelica’s case has been assigned to the Honorable Judge James L. Garrity Jr. and Case No. 17-10870.

Under the terms of the APA, the KKR affiliate will serve as the “stalking horse bidder” in a court-supervised sale process that Angelica will conduct pursuant to Section 363 of the Bankruptcy Code. Accordingly, the APA is subject to higher and better offers, among other conditions.

Angelica expects to continue operating as normal throughout this process. The Company intends to meet its business obligations and pay suppliers in full under normal terms for goods and services provided on or after the filing date of April 3, 2017.