October 12, 2017 / 12:12 AM / a year ago

Payless, lender battle over order confirming Ch. 11 restructuring

Footwear retailer Payless Holdings LLC said on Tuesday the recently reorganized company could be plunged into “chaos” if Logen Asset Management, an investor in the post-bankrupt company, successfully contests the order confirming its Chapter 11 plan.

The plan was confirmed in July and the company exited bankruptcy in August with half the $847 million in debt it had when it filed for Chapter 11 in April. The chain also closed 700 of its U.S. mall-based stores during its restructuring.

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