WWD reports that Tamara Mellon is set to reduce her stake in Tamara Mellon Brands from 52 percent to just over 16 percent as part of a refinancing proposal that has received the approval by the District Court of Delaware, allowing her company to get out of Chapter 11 bankruptcy proceedings by Jan. 15. A venture capital firm, New Enterprise Associates would get a 31.1 percent stake by providing the necessary financing along with other lenders. Mellon, former shareholder and creative director of Jimmy Choo, had requested bankruptcy protection for her own new company on Dec. 2 because of rising debts. The new cash injection is expected to help her company to open the first Tamara Mellon stores.