Watch and fashion accessory company Fossil has sought US bankruptcy court recognition of a UK plan to restructure $150 million in unsecured notes as it faces an upcoming liquidity crunch.
Fossil (UK) Global Services Ltd., in a petition filed Monday, asked the the US Bankruptcy Court for the Southern District of Texas to recognize a pending English restructuring plan by parent company Fossil Group Inc.
The company is looking to pause any potential collection or litigation efforts and ensure its UK plan is binding on any US creditors under Chapter 15 of US bankruptcy law, which addresses foreign insolvency and ...
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