Payless Shoes To Walk Out Of Ch. 11 After Plan Approval

By Alex Wolf (July 27, 2017, 9:42 PM EDT) -- A Missouri bankruptcy judge filed an order of approval Wednesday giving discount shoe retailer Payless ShoeSource Inc. the green light to execute its proposed reorganization plan and emerge from Chapter 11 with its own discount on nearly $850 million in prepetition funded debt, shaved down to just over $400 million.

Payless, the nation's largest shoe retailer, rode its way to plan confirmation with nearly unanimous support from the classes of creditors who voted on the restructuring proposal, now approved by U.S. Bankruptcy Judge Kathy A. Surratt-States. The merchant's turnaround rests on a debt-for-equity swap that puts 91 percent of the reorganized...

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