True Religion plan accepted by two of three voting creditor classes

By Caroline Salls

Pittsburgh, Sept. 4 – True Religion Apparel, Inc.’s plan of reorganization was accepted by two of three voting creditor classes, according to a ballot report filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

All three holders of $15.38 million in debtor-in-possession new-money obligation claims voted to accept the plan, as did all three holders of $48.19 million in rolled-up term loan obligation claims.

In addition, 82 holders, or 89.13% in number, of $14.13 million, or 74.88% in amount, of general unsecured claims voted to accept the plan, and 10 holders, or 10.87% in number, of $4.74 million, or 25.12% in amount, of those claims voted to reject it.

Meanwhile, one holder, or 7.14% in number, of $1.17 million, or 2.06% in amount, of non-rolled-up pre-bankruptcy term loan obligation claims voted to accept the plan, and 13 holders, or 92.86% in number, of $55.54 million, or 97.94% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Sept. 17.

True Religion is a Vernon, Calif.-based jeans and jeans-related sportswear company. The company filed bankruptcy on April 13 under Chapter 11 case number 20-10941.

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