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Nine West files amended bankruptcy plan


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Nine West files amended bankruptcy plan

Apparel retailer Nine West Holdings Inc. said Oct. 17 that it filed for an amended chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the Southern District of New York.

According to the company, the amended plan will reduce its pre-bankruptcy debt obligations by more than $1 billion.

The retailer anticipates that the plan will provide $105 million cash recovery to stakeholders through the settlement of potential claims and causes of action against the company's indirect equity owners.

Nine West also will receive a three-year purchase commitment from U.S. department stores chain Belk Inc. for an assortment of merchandise across the company's businesses.

The plan is subject to bankruptcy court approval and customary closing conditions.

In September, Nine West asked the bankruptcy court to extend its exclusive periods to file and solicit acceptances to a reorganization plan by 45 days.

Kirkland & Ellis LLP are serving as the legal advisers, while Lazard Freres & Co. is the financial adviser to the company.

Alvarez & Marsal North America LLC has been retained to provide an interim CEO and additional personnel.