Centric Brands files for voluntary bankruptcy with $435 million of DIP financing and plan to go private [MarketWatch]
Centric Brands, Inc (CTRC)
Last centric brands, inc earnings: 8/14 04:07 pm
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Source: MarketWatch
Centric Brands Inc. , which designs and sells clothing under licensed brands including Calvin Klein, Tommy Hilfiger and Nautica, became the latest company to be forced into bankruptcy by COVID-19 on Monday. The company said it has agreed to voluntarily file for Chapter 11 bankruptcy with $435 million in debtor-in-possession financing from funds managed by Blackstone , Ares and HPS Investment Partners. "..The agreement contemplates a timely emergence from the process with a plan to substantially reduce the Company's funded second lien indebtedness by approximately $700 million, thereby positioning the business for future growth and success," the New York-based company said in a statement. Chief Executive Jason Rabin said the coronavirus pandemic has "significantly" impacted companies across all sectors, disrupting its wholesale accounts' ordering and constraining cash flow. The company expects to emerge from bankruptcy as a private company. Blackstone will exchange second lien debt for
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