Friday, January 18, 2019

Federal regulators object to Nine West bankruptcy plan

Retail Dive
The Securities and Exchange Commission and the U.S. Trustee for the New York Region on Jan. 11 each filed objections to the bankruptcy plan proposed by Nine West Holdings, according to court documents filed at the United States Bankruptcy Court for the Southern District of New York.

At issue are releases within the plan that William Harrington, U.S. Trustee for Region 2, said improperly shield professionals — consultants, financial advisers and others — from claims of "fraud, gross negligence, or willful misconduct" and serve as "merely a backdoor to administrative expenses," according to his filing.. . . more