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Specializing in insolvency and complex commercial matters since 1974

Firm Files Chapter 11 Cases For Shoe Manufacturer - April 26, 2013

Lindsay Phillips, LLC and Lindsay Phillips, Inc. filed chapter 11 petitions on April 26, 2013 to forestall efforts of their principal secured creditor to accelerate its loans and take possession of its collateral. The firms’ founder invented the award-winning “switch-flops” that allow customers to “change their look but not their sole” by using a variety of straps and accessories to change the look of the footwear. The companies have approximately $10 million in debt. The Bankruptcy Court approved the companies’ use of cash collateral and authorized debtor-in-possession financing at first day hearings. Harley E. Riedel and Becky Ferrell-Anton are leading the firm’s representation.