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Law360: Belk Teams With Sycamore To Slash US$450M Through Ch. 11

January 26, 2021

O’Melveny served as legal adviser to an ad-hoc group of lenders in Belk Inc.’s pre-negotiated Chapter 11 restructuring. Law360 reported that the department store business reached an agreement with private equity investor Sycamore Partners and its secured lenders that will remove US$450 million from its balance sheet and bring in US$225 million in new financing commitments.

Belk operates almost 300 stores and the retail sector has been crippled by the COVID-19 pandemic. In a company statement, Belk said it will file a prepackaged Chapter 11 proposal soon and will aim to complete the restructuring transactions by the end of February.

Law360 subscribers can read the full article here.