Belk to Cut $450 Million of Debt With Record-Breaking Speed (3)

Belk Inc., the department store chain owned by Sycamore Partners, won court approval of its plan to slash $450 million of debt less than one day after filing for Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Marvin Isgur said in a hearing Wednesday he would approve the retailer’s bankruptcy plan, paving the way for Belk to emerge from Chapter 11. If the Charlotte, North Carolina-based company exits court protection this afternoon as planned, the case would be the fastest ever pre-packaged bankruptcy, Matthew Fagen of law firm Kirkland & Ellis said on behalf of the company.

The southeastern retailer, ...