Fossil granted sanction order from High Court of Justice of England and Wales

Fossil (FOSL) Group announced that its subsidiary, Fossil (UK) Global Services Ltd, has been granted an order from the High Court of Justice of England and Wales sanctioning the restructuring plan under Part 26A of the UK Companies Act 2006 (as amended) in respect of the 7.00% Senior Notes due 2026 issued by the company. Implementation of the restructuring plan will result in the cancellation in full of the notes, the issuance by the company of 9.500% First-Out First Lien Secured Senior Notes due 2029 and 7.500% Second-Out Second Lien Secured Senior Notes due 2029. Franco Fogliato, CEO said: “The High Court’s decision to sanction the Restructuring Plan is an important and advanced step as we look to address Fossil’s upcoming debt maturity and provide additional liquidity to support our turnaround plan. The Fossil team remains committed to delivering strong execution of our consumer-focused, brand-led model – leveraging our portfolio of iconic brands, global reach and 40-year watchmaking heritage to drive long-term profitable growth and maximize value for all of our stakeholders.”