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The Walking Company Holdings Plan Confirmed

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The U.S. Bankruptcy Court issued an order confirming The Walking Company Holdings’ Modified First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to a press release, The Walking Company “expects to emerge from its restructuring process by the end of this month.” The Disclosure Statement further provides, “Pursuant to the Plan, all of the outstanding equity interests in the Parent will be extinguished. The Plan Sponsors will provide a $10.2 million Consideration in Cash on the Effective Date and will be issued all of the New Common Stock of the Reorganized Parent, subject to dilution resulting from New Common Stock that may be issued to applicable Prepetition Subordinated. (The New Warrants may be exercised for shares of New Common Stock initially representing in the aggregate 7.5% of the New Common Stock.) On and after the Effective Date, the Reorganized Subsidiaries will continue to be wholly-owned subsidiaries of the Reorganized Parent. The Reorganized Debtors will continue to operate post-confirmation in the ordinary course of business, using cash generated by the business and proceeds from a $57.25 million secured Exit Facility.” The Company, which engages in the retail sale of footwear and accessories, filed for Chapter 11 protection on March 6, 2018, listing more than $105 million in prepetition assets. The Company emerged from a previous Chapter 11 process in April 2010.

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