Jeweler Alex And Ani Opens Ch. 11 For Sale Or Shake-Up

Law360 (June 10, 2021, 10:50 AM EDT) -- Jewelry retailer Alex and Ani Inc. has filed for Chapter 11 protection in Delaware bankruptcy court, saying it has the full support of its secured lenders and shareholders to pursue either an equity swap or a quick sale to deal with more than $156 million in debt.

In its first-day filings late Wednesday, the Rhode Island-based company said its restructuring agreement also included a settlement of ongoing litigation between founder and ex-CEO Carolyn Rafaelian and one of its secured lenders.

Alex and Ani said the restructuring support agreement has the support of the holders of all of its $127.4 million in...

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