Nine West amends Chapter 11 plan
Nine West has a new bankruptcy plan that it expects will reduce its massive debt obligations to stakeholders.
Nine West Holdings Inc. said late Wednesday that it filed a revised plan of reorganization with the United States Bankruptcy Court. The new plan has the support of parties holding 85% of its secured debt and 80% of its unsecured debt.
Under the new agreement, the company will reduce tits pre-bankruptcy debt obligations by more than $1 billion. It also positions the company to provide $105 million cash recovery to stakeholders through the settlement of potential claims and causes of action against the company’s indirect equity owners. Nine West will also will receive a three-year purchase commitment from Belk, for an assortment of merchandise across the company's businesses, move that will further strengthen Nine West's operations.
A hearing to consider approval of the revised plan is scheduled for Nov. 7.
Nine West, which operates Anne Klein, Kasper Group, The Jewelry Group and One Jeanswear Group, filed for bankruptcy in April.
Nine West Holdings Inc. said late Wednesday that it filed a revised plan of reorganization with the United States Bankruptcy Court. The new plan has the support of parties holding 85% of its secured debt and 80% of its unsecured debt.
Under the new agreement, the company will reduce tits pre-bankruptcy debt obligations by more than $1 billion. It also positions the company to provide $105 million cash recovery to stakeholders through the settlement of potential claims and causes of action against the company’s indirect equity owners. Nine West will also will receive a three-year purchase commitment from Belk, for an assortment of merchandise across the company's businesses, move that will further strengthen Nine West's operations.
A hearing to consider approval of the revised plan is scheduled for Nov. 7.
Nine West, which operates Anne Klein, Kasper Group, The Jewelry Group and One Jeanswear Group, filed for bankruptcy in April.