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Global Restructuring Review: Sycamore-owned Belk Seals Record-breaking Ch11 Plan

February 24, 2021

US department store Belk “secured the fastest ever confirmation of a pre-packaged Chapter 11 plan” following approval from the US Bankruptcy Court for the Southern District of Texas, this article reported. Fallout from the COVID-19 pandemic impaired Belk’s ability to service its debt. With this restructure, Global Restructuring Review notes Belk is able to satisfy all its trade, customer, and other-non-funded debt claims in full and keep its 17,000 employees and 291 stores operational. 

O’Melveny partners Joseph Zujkowski and Daniel Shamah and associate Adam Haberkorn advised first lien lenders on the deal.

Global Restructuring Review subscribers can read the full article here.