NEW YORK, Feb. 9, 2023 /PRNewswire/ — NBG House (“NBG” or the “Firm”), a world designer, innovator, and producer of residence decor merchandise, introduced at this time that it has entered right into a restructuring assist settlement with lenders holding nearly all of its debt, comprised of credit score funds and accounts managed by KKR and funds managed by Silver Level Capital, L.P. (“Silver Level”). Below the settlement, the Firm will obtain $30 million of recent capital and can place itself for future development and success by decreasing its long-term debt by roughly $350 million.
NBG expects to finish its restructuring inside 60 days and intends to proceed working within the bizarre course of enterprise all through the method, with out disruption to its clients, distributors, and staff. As sponsors of the restructuring plan, KKR and Silver Level will purchase the Firm except the next or higher bid emerges throughout the course of.
“As we speak marks the start of our subsequent chapter. I consider that is the perfect path ahead for our a whole lot of staff, distributors, and clients and am happy that NBG House’s lender group and fairness holders have such sturdy confidence in our staff. Their strategic partnership will assist our potential to proceed rising our enterprise and offering progressive, on pattern merchandise to our retail companions that can fill houses with fashion and performance,” mentioned Hope Margala, President and CEO of NBG House.
Ms. Margala continued, “The continued results of the pandemic have impacted corporations throughout all sectors, together with residence decor. For us, provide chain disruption led to our key clients having an excessive amount of stock, which meant decrease than anticipated demand for our product. As well as, we needed to incur freight prices over 3 times historic averages. The decisive motion we’re taking at this time will assist us to shortly return to constructive development. After conducting an in depth evaluation of all strategic options accessible to us, we’re assured that this path will place us for long-term success.”
Extra Info
Clients, distributors, staff, or different events who might have questions associated to the reorganization might contact Mindy Marcks, Human Assets and Private Relations for NBG House. As well as, court docket filings and different paperwork associated to the restructuring can be found on a separate web site administered by the Firm’s claims agent, Omni Agent Options at https://omniagentsolutions.com/NBGHome.
NBG House’s authorized advisor is Kirkland & Ellis LLP. The Firm’s funding banker is Guggenheim Securities, LLC and its restructuring advisor is Alvarez & Marsal North America LLC.
The restructuring plan is topic to satisfaction of sure customary circumstances, together with approvals by the Chapter Court docket.
About NBG House
NBG House is a trusted vacation spot for residence décor and styling necessities. With a long time of expertise throughout many residence decor classes, the Firm is a pacesetter and professional in style and performance alike – making certain clients get the perfect of each worlds. By way of industry-leading manufacturers and unequalled product growth, NBG House crafts distinctive and unforgettable décor, and offers clients with impressed designs at an awesome worth.
Since 2006, NBG House has labored diligently to amass and accomplice with manufacturers which can be true leaders of their class – serving to broaden innovation and giving clients better product selection that they’ll belief.
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SOURCE NBG House