A One-Day Ch. 11 Turnaround? Belk Shows It Can Be Done
By Vince Sullivan (March 2, 2021, 7:58 PM EST) -- In what the Texas judge presiding over the case called a "remarkable" achievement, southern department store chain Belk Inc. pulled off a rare one-day Chapter 11 restructuring following months of prepetition negotiations with stakeholders to avoid the costly disruptions common to retail bankruptcies.
Belk received court approval for a $450 million reduction in its secured debt load and obtained $225 million in new financing during a hearing that took place less than 24 hours after it filed for Chapter 11, all while unsecured creditors were unimpaired. But according to the architects of that plan, the brief hearing and short stay in...
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