In April, Payless released a plan, approved by a bankruptcy court, to continue operating under Chapter 11. The deal allowed the company to pay certain expenses, including employee salaries and health insurance. It will also be allowed to pay vendors and suppliers for goods and services provided on or after the date of the Chapter 11 filing.”The Court’s approvals also affirmed on an interim basis access to $245 million of the $305 million Debtor-in-Possession (DIP) financing facility provided by a lender group led by Wells Fargo,” says the Payless website.That positive development was soon followed by more good news: The same judge also approved Payless’ late-July plan to emerge from Chapter 11 with its debt cut from $850 million to just over $400 million. That would put the company in a better financial position, but it wouldn’t change the market Payless operates in. As we saw with Radio Shack, which survived a first bankruptcy, emerging from Chapter 11 can sometimes mean simply delaying the inevitable.
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Over the short term, the company’s debt load will balloon thanks to this purchase. But Discovery plans to suspend its share repurchase program and direct all excess cash toward paying down its liabilities so that its leverage falls back to historical levels by the end of 2019.10 stocks we like better than Discovery CommunicationsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Discovery Communications wasn’t one of them! That’s right — they think these 10 stocks are even better buys.