On June 17, 2009, Eddie Bauer filed for Chapter 11 bankruptcy protection. The company said it planned to sell itself for $202 million to CCMP Capital Advisors, a private equity firm. Bank of America, GE Capital and the CIT Group have agreed to provide up to $100 million in financing during the bankruptcy case. The sale to CCMP will proceed through what is known as a 363 sale process in bankruptcy court. A judge would need to approve the sale, and other potential bidders could emerge. CCMP, as a so-called stalking horse bidder, is entitled to a $5 million breakup fee if it loses during the court-supervised auction process. "We’re not looking to liquidate the company or close most of the stores", said Jonathan Lynch, a CCMP managing director, as quoted in The New York Times report. The report continued: "CCMP first took a look at Eddie Bauer in 2004, but was dissuaded from making an investment because the company was then focused on becoming a women's casual apparel chain, along the lines of J. Jill or Talbots. . . . A new management team led by Fiske began returning the company . . . toward its outdoor adventure roots" and led to the renewed contacts with CCMP. The company was acquired at bankruptcy auction by Golden Gate Capital in July 2009.