The U.S. Bankruptcy Court issued an order confirming Charming Charlie’s Fourth Amended Joint Chapter 11 Plan of Reorganization.
According to documents filed with the Court, “The Plan provides for the reorganization of the Debtors as a going concern. Significantly, the Plan contemplates a significant reduction in long-term debt and annual cash interest payment obligations, and infuses new capital in the form of (a) $20 million new-money, DIP financing…; (b) approximately $50 million in exit term loan debt, across two tranches (collectively defined in the Plan as the Exit Term Loan Facility; and (c) exit financing, which shall take the form of either a new revolving credit facility in the aggregate commitment amount of $35 million or, with the consent of the Holders of DIP ABL Claims, a conversion of the DIP ABL Facility….Ultimately, the Debtors believe consummation of the Plan will result in a stronger, de-levered balance sheet for the Debtors.”
This privately-held accessory retailer filed for Chapter 11 protection on December 11, 2017, listing more than $100 million in pre-petition assets.
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