Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for NBG Home > News item |
NBG Home gets approval to upsize DIP facility by $6.3 million
By Sarah Lizee
Olympia, Wash., May 23 – Nielsen & Bainbridge, LLC, which does business as NBG Home, received approval to amend its debtor-in-possession facility and increase it by $6.3 million, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.
As background, the company entered into a restructuring support agreement with lenders holding the majority of its debt, comprised of credit funds and accounts managed by KKR Credit Advisors (US) LLC and funds managed by Silver Point Capital, LP.
Under the agreement, the company received a $60 million DIP facility via KKR and Silver Point. The facility consists of $30 million in new money and a $30 million rollup of prepetition loans.
The amendment will lift the new-money component by $6.3 million.
When the debtors filed bankruptcy three months ago, they intended to reorganize their entire business as a going concern. However, they won’t be able to do that because the emergency capital needed for the entire business is greater than anticipated.
But the initial plan sponsors are working toward keeping the debtors’ hardwired lighting business, operating under the Quoizel Lighting brand, operating as a going concern.
As such, the debtors and plan sponsors are working to facilitate a reorganization around debtor Quoizel, LLC in the coming weeks.
However, the company’s asset-based lenders do not consent to any additional use of their cash collateral to make payments to support the ongoing Quoizel business under the current circumstances.
As such, NBG asked to upsize the DIP facility for the purposes of funding the Quoizel business.
Of the increased new money, $1.7 million is available immediately following the court order, and the remaining $4.6 million will be available on an as needed and as agreed basis.
The home decor company is based in Austin, Tex. The company filed bankruptcy on Feb. 8 under Chapter 11 case number 23-90071.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.