Bankrupt Jeweler Alex & Ani Approved For Debt-Cutting Plan
22 Setembro 2021 - 4:31PM
Dow Jones News
By Alexander Saeedy
Jewelry retailer Alex & Ani LLC won court approval of a
bankruptcy plan backed by all stakeholders eligible to vote. The
bankruptcy plan swaps the company's nearly $112 million debt for
equity and provides approximately $4.5 million in exit financing,
Alex & Ani lawyer Allyson Smith said in Wednesday's court
hearing.
Judge Craig Goldblatt of the U.S. Bankruptcy Court in
Wilmington, Del. gave congratulations to the parties for taking a
"moderately complicated case" and finding consensus after the
retailer's June bankruptcy filing.
As part of the final plan, Alex & Ani founder and former CEO
Carolyn Rafaelian agreed to sell her stake in a Bank of America
credit facility split between herself and investor Lion Capital,
while settling disputes between herself, Lion Capital, and Bank of
America.
Write to Alexander Saeedy at (alexander.saeedy@wsj.com)
(END) Dow Jones Newswires
September 22, 2021 15:16 ET (19:16 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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