REALIGNED CHEROKEE BEGINS TRADING ON NASDAQ

NEW YORK--Shares in the reorganized Cherokee Inc. began trading on the NASDAQ small capitalization market Tuesday, as the firm's Chapter 11 plan went into effect.
At the same time, Cherokee said debt has been reduced by $90 million.
As reported, Cherokee's prepackaged Chapter 11 plan was approved by the bankruptcy court this month, giving note holders an 89.9 percent stake in the company, trade creditors an 8.3 percent stake and shareholders 1.8 percent of Cherokee.
Cherokee, in a statement, said its debt now consists of a $27 million line of credit and a $2.65 million term loan provided by the CIT Group/Business Credit Inc.

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