Struggling shoe retailer Nine West Holdings Inc. took its first steps under bankruptcy protection Monday during its debut hearing, WSJ Pro Bankruptcy reported. Bankruptcy Judge Shelley Chapman gave Nine West the green light to begin using its bankruptcy loan. Nine West’s $300 million bankruptcy financing package consists of two loans — a roughly $247.5 million loan from its prepetition bank lenders and a $50 million term loan from a group that includes Brigade Capital Management LP. The company will seek later approval to begin using the $50 million loan at its second-day hearing. The shoe retailer says that it plans to use the bankruptcy loan to repay some of its secured prepetition debt, as well as fund operations while under chapter 11 protection. Read more.
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