>>
Home / Knowledge / News / Fashion / Footwear retailer Footstar signs two contracts for reorganization

Footwear retailer Footstar signs two contracts for reorganization

30
Nov '05
Leading discount footwear retailer Footstar Inc announced that it has reached an agreement with the unsecured creditors' and equity committees in its chapter 11 cases with respect to all of the terms to be included in a consensual plan of reorganization. The plan is subject to confirmation by the U.S. Bankruptcy Court for the Southern District of New York in White Plains.

Separately, the Company also announced that it has entered into an amended credit agreement with its lending group, led by Fleet National Bank, which revises the provisions for exit financing upon the Company's consummation of a Plan of Reorganization.

"With these two agreements, they are now positioned to implement Plan of Reorganization and emerge from chapter 11," said Dale W. Hilpert, Chairman and Chief Executive Officer.

"Company believe that the agreement have reached with committees on a consensual plan fairly serves and balances the interests of all of Footstar's stakeholders. In addition, amended credit facility will provide increased liquidity for Footstar upon emergence."

Under the agreement with the committees, all unsecured creditors will be paid in full with postpetition interest at the rate of 4.25 percent per annum. In addition, Footstar will distribute the undisputed portions of unsecured creditors' disputed claims on the distribution date of the plan, with the balance to be distributed upon resolution of such disputes. Equityholders will retain their equity interests.


Must ReadView All

Pic: Shutterstock

Textiles | On 21st Jan 2022

UK CMA to commence compliance review of sustainability claims

To help businesses understand how to communicate their green...

Pic: Dreamstime.com

Apparel/Garments | On 21st Jan 2022

Bangladeshi garment, accessory makers form joint panel to boost export

The Bangladesh Garment Manufacturers and Exporters Association, the...

Pic: Shutterstock

Textiles | On 21st Jan 2022

China to optimise energy production, supply, storage, sales

As the global energy market faces complicated situations, China’s top ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Led by MMF, Indian apparel exports likely to double in next 3 years

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Kamal Khushlani, Mufti

Kamal Khushlani
Mufti

Based out of Mumbai, Mufti is a men’s clothing fashion brand. In an...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

The Top Form Brassiere Manufacturing Company Limited
Hirdaramani International Export Private Limited
Guess Europe Sagl,
Arvind Limited
MAS Active / MAS Kreeda / MAS Bodyline
Eastman Chemical Company
Grasim Industries Limited
Tory Burch Hong Kong Ltd
Hela Clothing Pvt Ltd
PVH Corporation
Aquarelle Clothing Limited
IDH – The Sustainable Trade Initiative
Gatsby Africa
Reiter India Private Limited
Midas Clothing Limited
Sportmaster Ltd.
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Splash
KIABI
Page Industries Limited (Bangalore)
LC Waikiki
BIANCA
Groz-Beckert East Asia LLP
Lenzing Aktiengesellschaft
H;&M Hennes ;& Mauritz (Far East) Ltd
Etam Group Strategy Hong Kong Limited
KAS Direct Sourcing
Benetton Group
C;&A Sourcing International Ltd
Recron Polyester from Reliance Industries Limited
International Textile Manufacturers Federation
Puma
Gap International Sourcing Limited
SYNERGIES HONG KONG LIMITED
Calvin Klein
Maceton Limited
Varner AS Retail
Vardhman Textile Ltd
Target Corporation (MN)
Alix Partners
Cat Tuong Real Estate Group Joint Stock Company
Sateri (Jiujiang) Fiber Co.,Ltd
Brandix Lanka Limited
Landmark Group
Huntsman (Singapore) Pte Ltd
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
TESCO INTERNATIONAL SOURCING LIMITED
Tommy Hilfiger
IKEA of Sweden AB
Chico’ FAS
Abit
OVS Hong Kong Sourcing Ltd.
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Walmart
Babyshop
Esprit Europe Services GmbH
Under Armour Global Sourcing Ltd
Boardriders Asia Sourcing Limited
Permoda(Koaj/Armi/Pronto/Bkul)
Helly Hansen Far East Ltd
J ;& P Coats
Rayonese Textile Inc., Division de Culp Inc.
SHAHI Exports Pvt Ltd
Seasalt Limited
T.T. Limited
Lisa S.P.A.
Asos
Green Fibre
Amazon China
Lululemon Athletica Inc
Gokaldas Exports Limited
Rosset ;& Cia Limited
Chori Company Limited
Vianney Textil Hogar S.A. De C.V.
Truetzschler India Private Limited
Bluestem Global Sourcing Limited
Gloria Jeans
Sportswear Company Spa
NITI Aayog
Lacoste (Wanchai)
Restoque S.A.
G-Star Raw C.V.
BIMBA ;& LOLA SL
Alison Hayes Romania
Sainsbury's Argos Asia Limited
Lifestyle
Tchibo GmbH
Desigual - ABASIC, S.A.
Decathlon
The LYCRA Company Singapore  Pte. Ltd

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search