Arena Investors, LP, Arena Special Opportunities Partners I, LP, and Arena Special Opportunities Partners I, LP filed an involuntary petition for reorganization under Chapter 11 against Iconic Brands, Inc. in the US Bankruptcy Court for the Eastern District of New York on October 16, 2023. The total claim amount of the petitioning creditors was $6.72 million. The petitioning creditors are represented by Keri Costello of Sullivan & Worcester LLP as their legal counsel.