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Nine West Settlement Offer Could Cost Sycamore, KKR $470 Million

By Tony Seruga

Sum would be used to head off claims from unsecured creditors
The creditors say units were sold off at below-market prices

Independent directors of Nine West Holdings Inc. proposed that Sycamore Partners LLC and a unit of KKR & Co. pay $470 million to settle potential lawsuits stemming from Sycamore’s 2014 leveraged buyout of the now-bankrupt shoe retailer.

An ad hoc group of unsecured creditors that had been negotiating with Nine West disclosed the offer by the independent board members in bankruptcy court papers Monday. The group, which includes Aurelius Capital Management LP, Contrarian Capital Management LLC, Paloma Partners Management Co. and Centerbridge Partners LP, was negotiating with Nine West’s owners for about a month before the discussions stalled, the filings show…

Nine West Settlement Offer Could Cost Sycamore, KKR $470 Million

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