Centric Brands Reaches Agreement with Lenders to Position the Company for Long-Term Growth
Centric Brands, Inc (CTRC)
Last centric brands, inc earnings: 8/14 04:07 pm
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Source: Business Wire
Pre-arranged agreement with its secured lenders, led by certain funds managed by Blackstone, Ares Management Corporation, and HPS Investment PartnersSecures $435 million of debtor-in-possession financing from certain funds managed by Blackstone, Ares, and HPS to ensure uninterrupted operations throughout restructuring Voluntarily files for Chapter 11 to implement recapitalization plan and significantly reduce debt and interest paymentsExpects to emerge as a private company poised for long-term growth with the support of existing stakeholders NEW YORK--(BUSINESS WIRE)--Centric Brands Inc. (the “Company”) (NASDAQ: CTRC), a leading lifestyle brands collective, announced today that it has entered into a Restructuring Support Agreement (“RSA” or the “agreement”) with substantially all of the Company’s secured lenders, led by certain funds managed by Blackstone (“Blackstone”), Ares Management Corporation (“Ares”), and HPS Investment Partners (“HPS”), to recapitalize the Company, provide
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