New Delaware Chapter 11 Filing – True Religion Apparel, Inc.
True Religion Apparel, Inc., a company that designs, markets, sells and distributes premium fashion apparel through wholesale and retail channels, and four of its affiliates, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No: 17-11460). The Petition lists between $100 and $500 million in both assets and liabilities. The Debtors are entering chapter 11 with a Restructuring Support Agreement (attached to the First Day Declaration) that is, according to the First Day Declaration, supported by the Ad Hoc Group and the Equity Parent. The Debtors filed a Plan that, if confirmed and implemented, allows the Debtors to right-size their balance sheet and provide a viable path forward. The Debtors seek the joint administration of these cases and authority to enter into a new $60 million senior, secured DIP Facility with Citizens Bank. Prime Clerk LLC is the proposed claims agent. The Honorable Christopher S. Sontchi will be presiding over these cases.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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