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Home / Knowledge / News / Apparel/Garments / Charlotte Russe closes restructuring deal with Lenders
Charlotte Russe closes restructuring deal with Lenders
Feb '18
Courtesy: Charlotte Russe
Courtesy: Charlotte Russe
Charlotte Russe has concluded a restructuring deal with holders of 100 per cent of its Term Loan debt (the Term Lenders), that will reduce its Term Loan debt from about $214 million to $90 million, annual interest expense by nearly half, and extend maturity to February 2023. In return, the Term Lenders will get 100 per cent of Charlotte Russe’s equity.

This is subject to dilution from a management equity incentive plan.

Jenny Ming, chief executive officer of Charlotte Russe, said: “This marks an important milestone in Charlotte Russe’s history and we are pleased with the collaborative efforts from all stakeholders that were needed to make this happen. We have accomplished our goals of right-sizing our capital structure and operating expenses, and look forward to executing against our long term vision and strategy. We are excited to work together with our new owners and Board on the next chapter for Charlotte Russe.”

Recognising the benefits of an out-of-court process to the company, its stakeholders, and employees, the company and the Term Lenders negotiated the framework of a consensual restructuring in late Fall. The restructuring was subject to the company meeting several conditions set forth in a restructuring support agreement.

Most notably, the company was required to obtain a threshold amount of annualised operational savings, including rent relief, and the commitment of 100 per cent of the Term Lenders to participate in the out-of-court restructuring. The significant annualised operational savings, including rent relief, achieved during this process will allow for the reinvestment needed to grow the business and improve profitability. (SV)

Fibre2Fashion News Desk – India

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