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Payless Reorganization Plan Approved By Bankruptcy Court

August 3, 2017 - Newswire

Payless ShoeSource Inc.’s reorganization plan won court approval. The plan will enable the shoe retailer to to eliminate 40 percent of its $838 million in an equity exchange with lenders. Senior lenders, owed $506 million, will share in a 91 percent equity stake in the reorganized company.

Payless filed for bankruptcy on April 4 , 2017 with plans to close hundreds of stores.

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