Asa Hami of SulmeyerKupetz was quoted in The Wall Street Journal article “Rizzo’s Take: Shiekh Shoes Steps Toward Next Chapter” discussing the company’s successful Chapter 11 reorganization.
Shiekh Shoes, LLC’s, reorganization plan became effective on June 29, 2018. Shiekh successfully emerged from Chapter 11, having beneficially modified dozens of leases, eliminated millions of dollars of debt, obtained new financing and closed unprofitable locations.
Counsel to Shiekh Shoes, Hami said “The big thing was identifying the issues early on that helped us achieve the goal of a restructuring. The company owed its secured lenders, including Comvest Capital, roughly $7 million on a senior secured loan, which it was able to repay once it found $16 million in bankruptcy financing.”
Read the full article here.