Union, N.J. – Bed Bath & Beyond, now in default on its credit, has added an unbiased director whose abilities are prone to turn out to be useful.
The beleaguered retailer’s board of administrators notified the Securities and Trade Fee that on Jan. 24 it appointed restructuring specialist Carol Flaton to the board, efficient instantly. She at present has no committee assignments, BBB reported.
From 2014 to 2019, Flaton was a managing director at AlixPartners specializing in restructuring and turnarounds, in accordance with her biography at Talen Vitality Provide, the place she additionally serves as a director.
Previous to becoming a member of AlixPartners, Flaton was a managing director within the restructuring apply of Lazard Freres. From 2008-2013, she suggested debtors, collectors and fairness holders engaged in restructurings, debt exchanges, 363 gross sales, acquisitions, refinancings and capital raises.
Previous to Lazard, she was a managing director at each Credit score Suisse First Boston and Citi (1995- 2008), the place she was chargeable for distressed positions within the banks’ portfolios and a senior member of the chance administration groups.
As a part of Mattress Tub & Past’s board of administrators, she is going to obtain compensation equal to $30,000 per 30 days payable in money prematurely. The funds can be prorated primarily based on the precise time period of her service, Mattress Tub knowledgeable the SEC.
In a separate submitting yesterday, Mattress Tub & Past disclosed that it has acquired a discover of default and request for rapid fee on its $550 million asset-backed mortgage with JP Morgan. The corporate additionally owes $375 million to lender Sixth Road after increasing its credit score facility final August.
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