Ropes & Gray advised Centric Brands, whose brands portfolio includes Calvin Klein, Tommy Hilfiger and Nautica, in a reorganization plan approved by the United States Bankruptcy Court for the Southern District of New York. The reorganization was announced on Sept. 18. The press release is here.
The plan implemented a de-levering of the company’s approximately $1.7 billion in funded debt and a global settlement supported by the Company’s key stakeholders including all of their secured lenders and the official committee of unsecured creditors. After all conditions have been finalized, Centric Brands intends to emerge from Chapter 11 by the end of October 2020.
The Ropes & Gray team that advised Centric Brands was led by business restructuring partners Gregg Galardi and Cristine Pirro Schwarzman, leveraged finance partner Leonard Klingbaum, private equity partner Jonathan Gill (all of New York), litigation & enforcement partners Randall Bodner and Matthew McGinnis (both of Boston), tax partner Benjamin Rogers (San Francisco) and business restructuring counsel Daniel Egan (New York).
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