Signage is seen at the United States Bankruptcy Court for the Southern District of New York in Manhattan, New York City, U.S., August 24, 2020. REUTERS/Andrew Kelly
Fashion brand owner, The Collected Group LLC, has secured court approval of its prepackaged reorganization plan that will put lenders in control of the company.
Collected, represented by Paul, Weiss, Rifkind, Wharton & Garrison, expects it to go into effect this week after U.S. Bankruptcy Judge Laurie Selber Silverstein in Wilmington, Delaware signed off on the plan during a virtual hearing on Tuesday. The plan, which is backed by private equity giant KKR & Co Inc, is expected to eliminate $150 million from the companys $185.3 million funded debt stack and allow the company to …
Read the full article at: https://www.reuters.com/business/legal/collected-group-restructuring-plan-scores-bankruptcy-court-approval-2021-05-25/