Citadel has offered to purchase loan holdings from existing lenders at around 7 cents on the dollar, said the people who asked not to be named because the details of the matter are private. It’s asking those who don’t want to sell to team up in a potential bid for certain assets, such as the housewares business, some of the people said. That would allow lenders to use debt they’re owed toward purchasing the company’s assets out of bankruptcy.
Meanwhile, private equity firm Centre Lane is considering a bid for the appliance unit, said some of the people. Deliberations are fluid and there is no certainty that the parties will proceed with a final bid, they added. Instant Brands filed for Chapter 11 protection in June, saying that its balance sheet was weighed down by higher interest rates, tighter credit terms from suppliers, and declining consumer demand. The bankruptcy filing allowed Instant Brands to keep operating while it seeks approval of a plan to repay creditors, including an auction process.The company pushed back the date for a bankruptcy judge to approve its sale hearing to Sept. 29 from a revised Sept.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »