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Possible Ch. 11 for Nine West

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According to recent press and people familiar with the matter, 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. 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. 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.

On January 19, 2018, Moody’s Investors Service downgraded Nine West Holdings, Inc.’s corporate family rating to Ca from Caa3, probability of default rating to Ca-PD from Caa3-PD, Senior Secured Bank Credit Facility rating to Caa2 from Caa1, Senior Unsecured Bank Credit Facility rating to Ca from Caa3 and other Senior Unsecured debt ratings to C from Ca. “The downgrade and negative ratings outlook reflect our belief that Nine West’s probability of default, including the potential for a distressed exchange-type of restructuring, is very high over the near term,” stated Moody’s apparel analyst, Mike Zuccaro. Read more on distressed companies.

The post Possible Ch. 11 for Nine West appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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