Payless gets court approval for reorganisation plan
03/08/2017
The company filed for chapter 11 in April as part of a financial and operational restructuring of the company.
The reorganisation plan will enable Payless to eliminate 40% of its $838 million in funded debt from its balance sheet. It will do this by giving lenders equity stakes in exchange for waiving debt.
Senior lenders, which are owed more than $500 million, will share a 91% stake in the reorganised company. Junior lenders will take the remaining 9%.
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