Gymboree filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “If the Plan is confirmed, Gymboree will emerge from these Chapter 11 Cases with approximately $800 million less funded debt. Gymboree’s pro forma exit capital structure will consist of (a) a $225 million Exit Revolving Facility, (b) a $48.5 million Exit ABL Term Loan Replacement Facility, (c) a $35 million Exit Term Loan Facility, and (d) the New Gymboree Common Shares. Specifically, the Plan contemplates the following restructuring transactions: The Debtors’ Prepetition ABL Facility has been rolled up into the DIP ABL Facility, a $273.5 million asset-based lending facility consisting of an up to $225 million DIP Revolving Loan and an up to $48.5 million DIP Term Loan. On the Effective Date, the DIP ABL Revolver Lenders will either be (a) indefeasibly repaid in full in cash or (b) if a DIP ABL Revolver Lender consents, such lender’s outstanding DIP ABL Revolving Loan Claims and commitments under the DIP ABL Facility will convert into commitments under a replacement asset-based revolving loan facility.”
The Court scheduled a July 24, 2017 Disclosure Statement hearing.
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