August 6, 2018 / 9:37 PM / 4 months ago

Oaktree says bankrupt retailer Claire's is snubbing its overtures

A major creditor of Claire’s Stores Inc is opposing the jewelry and accessories chain’s bid to extend its period of exclusive control over its Chapter 11 bankruptcy, claiming the retailer will not consider alternative restructuring plans.

Private equity firm Oaktree Capital Management LP, which is the largest holder of Claire’s second-lien debt worth some $159 million, in a filing on Friday urged the U.S. Bankruptcy Court in Delaware to reject the chain’s bid to extend through Oct. 15 the period in which it has sole right to file a plan for emerging from Chapter 11.

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