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RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ:FOSL) announced that its subsidiary, Fossil (UK) Global Services Ltd, will hold a meeting on Thursday, November 6, 2025, for creditors of its $150 million 7.00% Senior Notes due November 30, 2026. This restructuring effort comes as the company faces a total debt burden of $324.39 million, with InvestingPro data showing a concerning debt-to-equity ratio of 2.16.
The meeting, scheduled for 2:00 p.m. London time at Weil, Gotshal & Manges LLP offices in London, will allow creditors to consider and potentially approve a restructuring plan proposed under Part 26A of the Companies Act 2006.
Creditors as of the October 27 record date who previously participated in the company’s exchange offer are already deemed to have appointed the information agent as their proxy to vote in favor of the restructuring plan.
Those who have not yet voted are encouraged to appoint a proxy by submitting a Plan Creditor Letter by November 3. Creditors wishing to attend the meeting, either in person or via video conference, must register by the same deadline.
If approved by creditors, a sanction hearing before the High Court of Justice of England and Wales is expected on November 10, 2025.
Documents related to the restructuring plan are available on a dedicated website and through the SEC’s EDGAR system. Retail holders can contact an appointed retail advocate with questions about the voting procedure or the nature of the restructuring plan.
Fossil Group specializes in consumer fashion accessories including watches, jewelry, handbags, and leather goods under owned and licensed brands.
This article is based on a press release statement from the company.
In other recent news, Fossil Group Inc. reported its second-quarter 2025 earnings, showing a 16% decline in net sales to $219 million. Despite the drop in sales, the company managed to expand its gross margin by 480 basis points, reaching 57.4%. In a separate development, Fossil Group has launched an exchange offer for its 7.00% Senior Notes due 2026, as part of a larger debt restructuring initiative. This offer allows noteholders to exchange for either 9.500% First-Out First Lien Secured Senior Notes or 7.500% Second-Out Second Lien Secured Senior Notes, with the possibility of receiving warrants for company shares.
Additionally, Fossil Group extended the expiration deadline for its exchange offer, consent solicitation, and rights offering to November 10, 2025, after initially falling short of its target with 82.67% of valid tenders. The company is also proceeding with its UK Proceeding as scheduled, which includes a Convening Hearing. These recent developments reflect Fossil Group’s ongoing efforts to manage its financial obligations and strategic shifts in its business model.
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