CONFIRMED DATE: July 2017
ROLE: Financial Advisor to the Official Committee of Unsecured Creditors
True Religion Apparel, Inc. is a multi-regional designer, marketer, seller and distributor of fashion apparel, centered on its core denim products using the brand name “True Religion Jeans.” At the time of bankruptcy, the company’s retail footprint comprised 140 stores in the U.S., Canada, and EMEA region. True Religion filed for bankruptcy with a pre-arranged plan of reorganization that called for closing several unprofitable stores and deleveraging the balance sheet in a contemplated debt-for-equity swap. Province was hired by the official committee of unsecured creditors to assess the structure and feasibility of the plan, including with respect to the debtors’ turnaround initiatives, proposed exit capital structure, and available liquidity. Province also investigated potential additional recoveries to unsecured creditors via unencumbered assets.