Deals
Nine West Plans a Bankruptcy Filing With Asset Sales
- Plans call for pre-arranged Chapter 11 filing by March 15
- Unsecured term lenders would get biggest share of equity
Photographer: Susana Gonzalez/Bloomberg
This article is for subscribers only.
Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, according to people with knowledge of the negotiations.
The plan hinges on asset sales to pay off creditors, according to the people, who asked not to be identified because the negotiations are private. Nine West would seek Chapter 11 court protection with a restructuring plan agreed upon in advance by its creditors, said the people. The goal is to file before a March 15 interest payment, they said.