Payless Holdings (2017)

Representation of the creditors’ committee in the chapter 11 case of Payless Holdings and its related debtor subsidiaries in the Eastern District of Missouri. Payless emerged from chapter 11 with a substantially deleveraged capital structure and a smaller retail footprint. The distributions to the general unsecured creditors (in the range of 17%-22%) were primarily funded by the proceeds of claims against the equity sponsors for dividend recapitalizations that were alleged to be fraudulent conveyances.