Ultra Stores, the “value-priced” diamond chain based out of Chicago, emerged from Chapter 11 today, a little more than three months after filing in April.

In April, the bankruptcy was described as a “pre-packaged” one that included an agreement with its vendors and banks.

“The judge was very complimentary,” says spokeswoman Kris Land. “He was skeptical going on, but it turned out to be a model case. It’s over and done with.”

As part of the restructuring, the company closed 12 of its 181 stores, and had to shut leased locations in Burlington Coat Factory and Filene’s Basement, which is also in Chapter 11. This will mean a total net change of 30 stores, Land said.

According to a statement, Bank of America will remain as the senior lender and will provide a $30 million Revolving Line of Credit upon emergence. Crystal Capital will assume 56% of the ownership of Ultra Stores in return for converting half of its debt into equity. The unsecured creditors will assume 18% ownership along with a $3 million Note. Ultra Stores’ existing management team, which will remain with the company, will vest into 26% of the ownership of Ultra Stores.

JCK