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Fossil Group, Inc. (NASDAQ:FOSL) announced Wednesday that the United States Bankruptcy Court for the Southern District of Texas has granted a Chapter 15 recognition order in connection with the company’s ongoing restructuring of its 7.00% Senior Notes due 2026 (NASDAQ:FOSLL).
The Chapter 15 order recognizes and gives effect in the United States to a restructuring plan under Part 26A of the UK Companies Act 2006. The plan was proposed by Fossil Group’s subsidiary, Fossil (UK) Global Services Ltd, and was approved by the High Court of Justice of England and Wales on Monday.
Fossil Group stated it expects to distribute the securities issuable upon the cancellation of the notes under the restructuring plan in the coming days.
This information is based on a statement issued by the company in a regulatory filing with the Securities and Exchange Commission.
In other recent news, Fossil Group has successfully obtained approval from the High Court of Justice of England and Wales for its debt restructuring plan. The plan involves canceling its existing 7.00% Senior Notes due 2026 and issuing new secured senior notes, specifically 9.500% First-Out First Lien Secured Senior Notes and 7.500% Second-Out Second Lien Secured Senior Notes, both due in 2029. Additionally, Fossil Group had initially launched an exchange offer for its outstanding senior notes as part of this restructuring initiative. The exchange offer allows noteholders to opt for different secured senior notes, with the possibility of receiving warrants exercisable into company shares. However, the company extended the exchange offer deadline after receiving 82.67% of valid tenders, which was below the required 90% threshold. The expiration date for the exchange offer has been moved to November 10, 2025. Fossil Group also announced a meeting for creditors to consider the restructuring plan, scheduled for November 6, 2025, in London. These developments reflect Fossil Group’s ongoing efforts to manage its debt obligations effectively.
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