U.S. fashion footwear company Nine West Holdings Inc. intends to file for bankruptcy as soon as this week with a plan to sell the intellectual property of its flagship brand to Authentic Brands Group LLC, Reuters reported. The proceeds from the sale will pay down some of Nine West’s approximately $1.5 billion in debt, increasing the chances that the company will emerge from a planned bankruptcy. Nine West missed a debt interest payment in March, setting off a 30-day period in which the accessories seller must either make the payment or face bankruptcy. The company’s creditors plan to take ownership stakes in Nine West’s remaining business, including its denim line sold in mass merchandisers such as Walmart Inc. and Sears Holdings Corp., in exchange for forgiving some of their debt. Read more.
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