October 29, 2018 – Nine West Holdings filed a Revised Disclosure Statement [Docket No. 783] for its First Amended Joint Plan of Reorganization. The filing includes a blackline noting cumulative changes from the version of the Plan filed on October 17, 2018 [Docket No. 750]. Important changes include extensive new disclosure on (i) the “UCC Standing Motion,” a motion filed by the unsecured creditors committee (“UCC”) on October 4, 2018, in which the UCC seeks standing to commence, prosecute, and settle certain causes of action relating to Sycamore on behalf of the Debtors’ estates [Docket No. 718] and (ii) the Debtors’ settlement agreement with Sycamore and KKR.
The following is an updated summary of classes, claims, voting rights and projected recoveries:
- Class 1 (“Other Priority Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The projected amount of claims is $189,698 and projected recovery is 100%. The estimated range of recovery under Chapter 7 is 64.2%.
- Class 2 (“Other Secured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The projected amount of claims is $812,852 and projected recovery is 100%. The estimated range of recovery under Chapter 7 is 99.2%.
- Class 3 (“Secured Tax Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan.
- Class 4 (“Secured Term Loan Claims”) is impaired and entitled to vote on the Plan. The projected amount of claims is $432,798741 and projected recovery is 100%. The estimated range of recovery under Chapter 7 is 100%.
- Class 5A (“Unsecured Term Loan Claims”) is impaired and entitled to vote on the Plan. The projected amount of claims is $305,099,461 and projected recovery is 84.2%. The estimated range of recovery under Chapter 7 is 17.6%-29.0%.
- Class 5B (“2034 Notes Claims”) is impaired and entitled to vote on the Plan. The projected amount of claims is $255,997,396 and projected recovery is 10.8%-12.0%. The estimated range of recovery under Chapter 7 is 2.1%-5.6%.
- Class 5C (“2019 Notes Claims”) is impaired and entitled to vote on the Plan. The projected amount of claims is $475,913,386 and projected recovery is 10.8%-12.0%. The estimated range of recovery under Chapter 7 is 2.1%-5.6%.
- Class 5D (“General Unsecured Claims against NWHI”) is impaired and entitled to vote on the Plan. The projected amount of claims is $ 157,897,543 and projected recovery is 10.8%-12.0 The estimated range of recovery under Chapter 7 is 2.1%-5.6%.
- Class 5E (“General Unsecured Claims against Nine West Development LLC”) is impaired and entitled to vote. The projected amount of claims is $ $92,843 and projected recovery is 100%. The estimated range of recovery under Chapter 7 is 14.8%-28.2%.
- Class 5F (“General Unsecured Claims against Nine West Management Service LLC”) is impaired and entitled to vote. The projected amount of claims is $ $92,843 and projected recovery is 100%. The estimated range of recovery under Chapter 7 is 14.8%-28.2%.
- Class 5G (“General Unsecured Claims against Nine West Distribution LLC”) is impaired and entitled to vote. The projected amount of claims is $76,133 and projected recovery is 6.7%. The estimated recovery under Chapter 7 is 0.4%.
- Class 5H (“General Unsecured Claims against One Jeanswear Group Inc.”) is impaired and entitled to vote. The projected amount of claims is $2,386,675 and projected recovery is 22.2%. The estimated recovery under Chapter 7 is 0%.
- Class 5I (“General Unsecured Claims against Kasper Group LLC”) is impaired and entitled to vote. The projected amount of claims is $1,994,648and projected recovery is 13.2%. The estimated recovery under Chapter 7 is 0%.
- Class 5J (“General Unsecured Claims against Non-Operating Debtors”) is impaired and entitled to vote on the Plan. The projected amount of claims is $76,352 and projected recovery is 0%. The estimated recovery under Chapter 7 is 0%.
- Class 6 (“Intercompany Claims”) and Class 8 (“Intercompany Interests “) are either impaired or unimpaired and will be presumed to accept or deemed to reject the Plan. The estimated recovery under Chapter 7 is 0%.
- Class 7 (“Interests in Holdings”) and Class 9 (“Section 510(b) Claims”) are impaired, deemed to reject and not entitled to vote on the Plan. Estimated recovery is 0%.
The following exhibits were filed with the Disclosure Statement:
- EXHIBIT A – First Amended Joint Plan of Reorganization
- EXHIBIT B – Corporate Structure Chart
- EXHIBIT C – Amended and Restated Restructuring Support Agreement
- EXHIBIT D – Financial Projections
- EXHIBIT E – Valuation Analysis
- EXHIBIT F – Liquidation Analysis
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