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DISTRESSED DAILY: True Religion’s ‘Minor Miracle’ Amid Pandemic

June 1, 2020, 12:00 PM

In an economy with few good outcomes, True Religion Apparel Inc. can say hallelujah.

The jeans maker is aiming to emerge from bankruptcy in August after telling Judge Christopher Sontchi that performance exceeded its expectations and that it reached an agreement for about $4.9 million in new exit financing. The Delaware bankruptcy judge called it “a minor miracle” and said he “wouldn’t have given five cents” earlier to bet the company could reorganize. The designer jeans maker operates its own stores and also sells at retailers like Neiman Marcus.

Other retailers that filed just before or amid the pandemic shutdown ...