Latham & Watkins Advises Sycamore Partners in its Role as Sponsor in the Successful Completion of Belk’s Pre-Packaged, One-Day Financial Restructuring

Multidisciplinary team represented the sponsor and majority owner in the process.

February 25, 2021

Belk has announced that it has successfully completed its financial restructuring, finalizing an expedited pre-packaged, one-day reorganization. Belk's plan of reorganization received nearly unanimous support from its existing lenders and provides for suppliers and landlords to be paid in full as well as uninterrupted operations to continue at all 291 store locations and on Belk's e-commerce platform. Through the restructuring, the company was able to preserve approximately 17,000 jobs, substantially deleverage its capital structure, and emerge with increased liquidity to support growth and long-term success.

Latham & Watkins LLP represented Sycamore Partners, as sponsor and the majority owner, in the process, with a restructuring team led by partners George Davis and Ted Dillman, with counsel Ebba Gebisa and associate Misha Ross; a corporate team led by partners Michael Benjamin, Jason Silvera, and David Zaheer, with associate Eric Sternlieb; a banking team led by partner Joshua Tinkelman, with associates Lena Dunn and James Sullivan; and a litigation team led by partners Eric Leon and Amy Quartarolo.

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