Belk to Complete “Pre-Packaged, One Day” Reorganization

Belk reaffirmed that it expects to complete its financial restructuring through an expedited “pre-packaged, one-day” reorganization.

• The RSA enables Belk to raise $225 million of new capital, significantly reduce debt by approximately $450 million, and extend maturities on all term loans to July 2025
• The company expects to file for Chapter 11 on February 24, 2021, and anticipates that the confirmation hearing to approve the restructuring will be held on the same day, at 2:00 p.m. CT
• Lenders holding 99% of Belk’s first lien term loan and 100% of Belk’s second lien term loan have now entered into the Restructuring ...