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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!