June 13, 2018 / 12:37 AM / 6 months ago

Claire's unsecured creditors rail against bankruptcy plan

The unsecured creditors’ committee of Claire’s Stores Inc strongly objected to the jewellery and accessories retail chain’s bankruptcy reorganization proposal late Monday, calling the plan “unfair” and saying it has “zero chance of success.”

The plan is based on an artificially low valuation and an exit financing package structured to benefit senior lenders and private equity sponsor Apollo Global Management LLC, the committee said in a filing with the U.S. Bankruptcy Court in Delaware. To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HIXjNa

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