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Nine West Holdings – Court Approves Revised Disclosure Statement, Confirmation Hearing Set for January 28, 2019

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November 14, 2018 – The Court hearing the Nine West Holdings case approved [Docket No. 864] the Debtors’ revised Disclosure Statement [Docket No. 837] related to the Company’s First Amended Joint Plan of Reorganization [Docket No. 836] and concurrently set a January 28, 2019 date for the Plan confirmation hearing.

The following is an updated summary of classes, claims, voting rights and projected recoveries (with the exception of Class 5C, unchanged from disclosure filed on October 30, 2018):
 

  • 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 $476,002,016 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, deemed to reject and not 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%.

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