September 12, 2018 / 9:15 PM / 7 months ago

Bankrupt retailer Claire's says time's up for alternative reorg plan

Jewelry and accessories chain Claire’s Stores Inc in court papers on Tuesday blasted debtholder Oaktree Capital Management’s opposition to its plan for emerging bankruptcy, arguing it cannot wait for a proposed alternative.

Private equity firm Oaktree is the largest holder of Claire’s second-lien debt with around $159 million in notes, which will be effectively wiped out under the retailer’s reorganization plan.

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