By  on October 6, 2017

A Delaware bankruptcy court on Thursday approved True Religion’s plan of reorganization, paving the way for the company’s exit from bankruptcy court proceedings.

True Religion filed its voluntary Chapter 11 petition for bankruptcy court protection on July 5, saddled by an overleveraged balance sheet. The high debt load was due to the leverage piled on when TowerBrook Capital Partners acquired the denim company in May 2013 for $835 million. At $32 a share, the acquisition price represented a premium of 52 percent to the per-share price just before the apparel brand began evaluating its strategic alternatives. The company also was impacted by the macro consumer shift away from brick-and-mortar to online retail channels.

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