True Religion Apparel (2017)

The firm was lead counsel representing True Religion and its affiliates in connection with their prenegotiated chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. True Religion designs, markets, sells, and distributes premium fashion apparel. The company’s products are distributed through wholesale and retail channels on six continents and, as of the petition date, included approximately 140 retail stores and over 1,900 employees. True Religion filed its bankruptcy case in July 2017 with a proposed prenegotiated chapter 11 plan with its secured lender constituents. The plan preserved the going-concern value of the company, provided a management incentive plan for key employees, and restructured nearly $500 million of prepetition secured debt. In October 2017, the bankruptcy court confirmed the plan and the company emerged from chapter 11.