Law360, New York (May 07, 2012, 8:33 PM ET) -- Hedge fund Perry Capital LLC is the new majority owner of Barneys New York Inc. as the result of a deal to reduce the luxury retailer's long-term debt from $590 million to $50 million, averting a potential Chapter 11 filing, the companies announced Monday.
Perry Capital, which is Barneys' largest lender, and The Yucaipa Cos. have agreed to convert their debt to equity in the company formerly majority-owned by Dubai, United Arab Emirates-based Istithmar PJSC, a unit of state-owned Dubai World, according to a Monday statement....
$540M Debt Swap Gives Hedge Fund Majority Stake In Barneys
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