In Home Group, a bankruptcy has requested to help home furnishing to undergo restructuring.
The company announced on Monday that the chapter 11 started bankruptcy procedures, so that it can “implement a restructuring support agreement” signed with lenders “by more than 95% of the company’s fault.”
The restructuring support agreement will help the retailer “almost all” of his almost $ 2 billion in financed debts, according to at home. It will also penetrate the retailer with $ 200 million in capital.
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“The steps we take today to fully remove our balance will improve our ability to compete on the market in the light of the continuous volatility and the resilience of our company,” said CEO Brad Weston.
At home, a deal has closed a deal for $ 600 million in debtor-in possession financing. The other $ 400 million comes from a “roll -up” of existing senior secure debts, said it.
The funds, subject to approval from the court, will “help to offer sufficient liquidity to support the company during the court’s process,” said Thuis.
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While he goes through bankruptcy through chapter 11, home will sell products in physical stores and via its website, the company said. It is planning to keep a “majority” of his home sets that are open during the process, according to a document on the website of the restructuring.
The footprint of the retailer currently comprises 260 locations spread over 40 states.
While he goes through bankruptcy through chapter 11, home will sell products in physical stores and via its website. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images/Getty images)
Lenders, including Redwood Capital Management, Farallon Capital Management and Anchorage Capital Advisors, according to the completion of the restructuring of home, according to Thuis.
“Upon the rise of the rearructuring process, new owners will move forward at home and a meaningfully reinforced balance,” said Weston. “It is important that this process will also equip us further with possibilities to invest in our strategic initiatives and to continue to strengthen our company for the long term.”
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After home “deliberate steps”, the restructuring support agreement of the retailer and the bankruptcy application will be taken in recent months to stimulate sales growth, to better manage its inventory and to increase its efficiency in the light of a “dynamic and fast -evolving trade environment” according to the Tarieven, according to the Tarieven, according to the Tarieven, according to the Tarieven, according to the Tarieven, according to the Tarieven, according to the Tarieven “
In his chapter 11 report, it estimated a reach of $ 1 billion to $ 10 billion for his assets. The estimated obligations had the same reach.
The Origins of the Home Decor Retailer Trace back to the end of the 1970s. It is owned by funds that have been affiliated with Private Equity firm Hellman & Friedman since 2021.
