Payless plan unanimously OK’d by two of three voting creditor classes

By Caroline Salls

Pittsburgh, Oct. 23 – Payless ShoeSource’s second amended plan of reorganization was accepted by two of three voting creditor classes, according to a ballot report filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Missouri.

The plan was accepted by all 44 holders of $57.34 million in tranche A-1 term loan claims and all 53 holders of $103.15 million in tranche A-2 term loan secured claims.

In addition, the plan was accepted by 638 holders, or 59.91% in number, of 106.54 million, or 86.22% in amount, of general unsecured claims of remaining debtors, while 427 holders, or 40.09% in number, of $14.25 million, or 11.8% in amount, of those claims voted to reject it.

The plan confirmation hearing was scheduled for Oct. 23.

Payless is a Topeka, Kan.-based specialty family footwear retailer. The company filed bankruptcy on Feb. 18, 2019 under Chapter 11 case number 19-40883.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.