True Religion Ch. 11 Plan OK'd After Last-Minute Creditor Deal

Law360 (October 5, 2020, 4:44 PM EDT) -- Bankrupt denim retailer True Religion Apparel Inc. won provisional approval for its Chapter 11 plan in Delaware court Monday after reporting it had reached a last-minute settlement with its secured lenders that neutralized opposition to the proposal.

During a virtual confirmation hearing, debtor attorney Justin Alberto of Cole Schotz PC said True Religion had filed a stipulation less than 30 minutes before the start of the hearing that reflected the terms of the settlement, which reduces the equity share to be handed to post-petition lender Farmstead Management LLC under the reorganization.

Term loan lenders, which objected to the plan last week,...

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