A corporate restructuring and bankruptcy BLOG

    Seward & Kissel Represents Special Committee of Independent Managers of Payless

    Back in (the) Black: Road to Recovery
    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.

    Kissel Team

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    The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.


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