By Vince Sullivan (March 2, 2021, 7:58 p.m. EST) – In what the Texas judge presiding over the case called a “remarkable” achievement, southern department store chain Belk Inc. underwent a rare restructuring of a day in Chapter 11 after months of prior negotiations with stakeholders to avoid the costly disruptions common to retail bankruptcies.
Belk received court approval for a $ 450 million reduction in its secured debt and secured $ 225 million in new funding in a hearing that took place less than 24 hours after filing the case for the Chapter 11, all without the unsecured creditors being impaired. But according to the architects of this plan, the brief audience and short stay at …
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