Dallas – Tuesday Morning is on observe to exit chapter quickly.
The corporate just lately introduced that the U.S. Chapter Courtroom for the Northern District of Texas has confirmed its reorganization plan and stated it hopes to be out of chapter earlier than Jan. 1.
Underneath the phrases of the plan, the capital construction of the reorganized firm is predicted to include a $110 million asset-backed lending credit score facility to supply working capital and $25 million in principal quantity of a brand new senior subordinated word. Moreover, roughly $40 million in money proceeds from an upcoming backstopped rights providing can be utilized to pay collectors.
“We’re happy to have reached this crucial milestone that units the stage for our emergence as a stronger, extra streamlined enterprise,” stated Steve Becker, CEO.
The off-price chain filed for Chapter 11 in late Might with 687 shops and a plan to emerge from chapter with roughly 450 models. As of final week, it was working 490 shops in 40 states.
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