Centric Brands to restructureChristian Fernsby ▼ | May 19, 2020
Centric Brands (CTRC) will restructure and has entered into an agreement with virtually all of its lenders, where is will receive $435 million in debtor-in-possession (DIP) financing led by Blackstone, Ares Management Corporation, and HPS Investment Partners to “recapitalize the company,” allowing it to continue to operate without interruption.
Chapter 11 Centric Brands
Through the restructuring agreement, investment firm Blackstone will take an equity interest in Centric Brands and assume its second lien debt. The company’s stock will be extinguished once the restructuring agreement has been consummated. ■