Daily News: March 21, 2019

Nine West Emerges from Chapter 11 with Exit Financing From Wells, GS


Nine West Holdings, together with certain of its affiliates, completed its financial and operational restructuring and emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital. The company has been renamed Premier Brands Group Holdings.

Wells Fargo and Goldman Sachs provided over $100 million of go-forward liquidity to support its operations and future growth initiatives.

Premier Brands Group will move forward with a right-sized capital structure, streamlined operational footprint, profitable and growing wholesale and licensing businesses, and proven management teams in place.

“We committed at the beginning of this process to emerge with the financial foundation necessary to continue the growth trajectories of our One Jeanswear Group, The Jewelry Group, Kasper Group and Anne Klein businesses. We are pleased to have accomplished that goal,” said Ralph Schipani, CEO of Premier Brands Group. “We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships.”

He added, “In addition, over the past year we have successfully reduced our pre-bankruptcy debt obligations by more than $1 billion and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses. This successful outcome would not have been possible without the commitment of our associates and their dedication to our high quality, high service culture.”

Kirkland & Ellis served as the company’s legal advisors. Lazard Freres & Co. served as the company’s financial advisor. Alvarez & Marsal North America served as its restructuring advisor.