NEW YORK -- Cherokee Corp. said its prepackaged Chapter 11 plan has been confirmed by the bankruptcy court in Wilmington, Del.
Under the plan, as reported, trade creditors' $7.5 million claim will be converted into an 8.3 percent stake in the reorganized company, while holders of 11 percent senior subordinated bonds, owed a total of $76.6 million, will receive 89.9 percent. The remaining 1.8 percent will be held by existing shareholders.
The plan is expected to be implemented by the end of the year. Post-petition financing of $37 million has been arranged with CIT Group/Business Credit.
This is Cherokee's second trip through bankruptcy. It emerged from reorganization in June 1993.
Cherokee, based in Sunland, Calif., filed the current prepackaged Chapter 11 petition Oct. 8.
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