By Alexander Saeedy
Jewelry retailer Alex & Ani LLC won court approval of a bankruptcy plan backed by all stakeholders eligible to vote. The bankruptcy plan swaps the company's nearly $112 million debt for equity and provides approximately $4.5 million in exit financing, Alex & Ani lawyer Allyson Smith said in Wednesday's court hearing.
Judge Craig Goldblatt of the U.S. Bankruptcy Court in Wilmington, Del. gave congratulations to the parties for taking a "moderately complicated case" and finding consensus after the retailer's June bankruptcy filing.
As part of the final plan, Alex & Ani founder and former CEO Carolyn Rafaelian agreed to sell her stake in a Bank of America credit facility split between herself and investor Lion Capital, while settling disputes between herself, Lion Capital, and Bank of America.
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(END) Dow Jones Newswires
September 22, 2021 15:16 ET (19:16 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.