in the news
Charlotte Business Journal: Belk Plans to File for Chapter 11 Bankruptcy, Will Restructure US$450M in Debt1月 26, 2021
O’Melveny is advising the ad hoc first lien lender group in Belk’s plans to file for Chapter 11 bankruptcy. The pre-negotiated deal will reduce US$450 million in debt and will secure US$225 million of new capital.
The Charlotte-based retailer’s financial troubles have been reported recently, with the possibility of bankruptcy forthcoming, Charlotte Business Journal noted. Under the terms of the agreement, Belk’s nearly 300 stores will remain open and business operations will continue as normal.
Read the full article here.