A unit of watch and fashion accessory company Fossil won US bankruptcy court recognition of its UK plan to restructure $150 million in unsecured notes as it faces a debt crunch.
Fossil (UK) Global Services Ltd.'s plan was recognized at a hearing Wednesday by Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas. The approval means the English court’s order has full force and effect in the US.
The subsidiary’s filing involves one of 65 Fossil companies worldwide and marks a “surgical restructuring” of its unsecured notes, Jessica Liou, a Weil, Gotshal & Manges LLP ...
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