Seward & Kissel Represents Special Committee of Independent Managers of Payless
October 29, 2019
Seward & Kissel represented Patrick Bartels and Scott Vogel as independent managers in the Payless Holdings LLC bankruptcy cases, which, along with its affiliated debtors, confirmed a plan of reorganization on Wednesday, October 23 in the Bankruptcy Court for the Eastern District of Missouri. The independent managers, acting as a special committee of Payless’s board of managers, led an investigation of related-party transactions and had the exclusive approval rights over the plan of reorganization. Under the plan, Payless is restructuring around its profitable Latin and South American retail business, as well as its expanding franchise and license business. Confirmation of the plan was supported by all of the debtors’ major creditor constituencies.
Seward & Kissel worked alongside FTI Consulting, Inc., as financial advisor to the independent managers, and the debtors’ advisors, Akin Gump Strauss Hauer & Feld LLP, Armstrong Teasdale LLP, PJ Solomon, L.P. and Ankura Consulting Group, LLC in these cases.
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