Nine West Holdings files amended bankruptcy plan

Nine West Holdings Inc, which recently got rid of its footwear brands to focus on jewelry and accessories, has filed an amended Chapter 11 bankruptcy plan of reorganization, which will reduce its pre-bankruptcy debt obligations by over 1 billion US dollars.

“Following the successful sale of our Nine West and Bandolino footwear and handbag business, today’s filing of the amended Plan and entry into the amended Restructuring Support Agreement is another important milestone in our work to right-size the Company's capital structure and to position our One Jeanswear Group, The Jewelry Group, Kasper Group, and Anne Klein businesses for continued long-term success”, said Ralph Schipani, interim chief executive officer of Nine West Holdings, in a statement.

The plan is expected to provide 105 million US dollars cash recovery to stakeholders through the settlement of potential claims and causes of action against the company’s indirect equity owners, the statement informed.

A hearing has been scheduled for November 7 to consider approval of the Disclosure Statement related to the plan. After court approval, the documents will be presented to voting creditors for consideration.

Image: courtesy of Nine West