Ultra Stores, the value-priced diamond chain based in Chicago, emerged from Chapter 11 little more than three months after filing in April. The bankruptcy was described then as “pre-packaged” and included an agreement with its vendors and banks.

“The judge was very complimentary,” says spokeswoman Kris Land. “He was skeptical going in, 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 181 stores and had to shut leased locations in Burlington Coat Factory and Filene’s Basement, which also is in Chapter 11. This will mean a total net change of 30 stores, Land says.

According to a statement, Bank of America will remain the senior lender and provide a $30 million revolving line of credit upon emergence. Crystal Capital will assume 56 percent of the ownership of Ultra Stores in return for converting half its debt into equity.

Ultra Stores’ existing management, which will remain with the company, will vest into 26 percent ownership. The unsecured creditors will assume 18 percent ownership along with a $3 million note.