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Walking Co. Reorganizes

By   /   Friday, February 5th, 2010  /   Comments Off on Walking Co. Reorganizes

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On Feb. 2, Santa Barbara-based shoemaker The Walking Company Holdings filed a reorganization plan that would let the company keep 96 percent of its store locations open and pay off all of its debts and future obligations to trade creditors.
The company said it is positioned to emerge from Chapter 11 protection sometime this spring. It filed for bankruptcy in December.

The Walking Company said recent lease negotiations will save the company about $3 million annually. The filing said that an investor group headed by Richard Kayne of Kayne Anderson Capital Advisors LP will invest $10 million to recapitalize the company and Wells Fargo Retail Finance will provide $30 million as exit financing.

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