Centric Brands, Hilfiger and Nautica Marketer, Files Chapter 11 [TheStreet.com]
Centric Brands, Inc (CTRC)
Last centric brands, inc earnings: 8/14 04:07 pm
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Source: TheStreet.com
Centric Brands(CTRCGet ReportThe DIP financing will enable Centric Brands to continue operating through its restructuring.Centric Brands is a brand collective that designs, sources, markets and sells products for licensed brands like Tommy Hilfiger and Nautica.Centric Brands intends to exit bankruptcy as a private company while operating its business without interruption through the process."The current crisis has significantly impacted companies across all sectors," Chief Executive Jason Rabin said in a statement."The pandemic disrupted many of our wholesale accounts’ ordering and constrained our cash flow. However, we are confident that with added flexibility in our capital structure, we will be well-positioned for long-term success during this period and beyond."To enable Centric to emerge from bankruptcy as a private company, the private-equity firm BlackstoneBXAdditionally, the company's agreement reduces Centric's second-lien indebtedness by about $700 million, which the company
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