According to Law360.com, Nine West is requesting bankruptcy court approval for an additional $22 million in debtor-in-possession financing as the company’s exit from Chapter 11 will take place at least month later than expected.
Law360 reported that arguments between the retailer’s creditor group and its parent company, Sycamore Partners, have led to delays in its proposed restructuring, necessitating the extended DIP funding to meet payroll.
According to the related court documents, Cortland Capital Market Services has agreed to act as administrative agent and collateral agent on the amended DIP facility.
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Nine West Amends Restructuring Plan, Lawsuit Pending
Nine West Files for Chapter 11; Wells Fargo to Agent DIP
