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Belk Plans Chapter 11 Reorg to Eliminate $450M Debt

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The ownership of Belk department store will be shifting following a financial restructuring between private equity firm Sycamore Partners and the retailer’s lenders, which include KKR and Blackstone Credit. Under the terms of the new restructuring support agreement, Sycamore will retain majority control of the department store company it purchased for $3 billion more than…

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