— Casual Living,
\nFlorida-based Brown Jordan International Inc. has restructured its financial affairs and
\n\t\t
\nsecured a $50 million cash infusion, according to a company announcement. The company\u00e2\u20ac\u2122s legal counsel said the move allows the company to avoid filing for Chapter 11 bankruptcy relief.<\/p>\n
Securing the $50 million is expected to lower BJI\u00e2\u20ac\u2122s financing costs substantially. Almost all of BJI\u00e2\u20ac\u2122s $105 million in debt has been exchanged for cash or equity. With the support of its key stakeholders, BJI completed these restructuring transactions on a fully consensual basis without any disruption to business operations, the announcement stated.\u00c2\u00a0<\/p>\n
The core of BJI\u00e2\u20ac\u2122s restructuring is a $50 million equity investment provided by certain holders of the senior subordinated notes, in exchange for a controlling equity interest. Holders of BJI\u00e2\u20ac\u2122s senior subordinated notes received a minority equity interest in exchange for their notes.<\/p>\n
A group of financial institutions led by LaSalle Bank National Association has funded a credit facility of $200 million. With the proceeds of these financing sources, holders of BJI\u00e2\u20ac\u2122s prior senior secured financing facilities, including its senior second lien notes, were paid in full, with interest. Trade creditors were not affected by the restructuring, and BJI expects to continue to pay them in the ordinary course of business.<\/p>\n
\u00e2\u20ac\u0153We are very excited to have completed our financial restructuring,\u00e2\u20ac\u009d said Gene Moriarty, BJI CEO. \u00e2\u20ac\u0153We believe the restructuring will provide us greater financial flexibility that will enable us to achieve strong growth, product enhancements and continued profitability.\u00e2\u20ac\u009d<\/p>\n
Company counsel, Jeff J. Marwil of Jenner & Block said, \u00e2\u20ac\u0153As a result of a strong team effort among the company\u00e2\u20ac\u2122s management and professionals, plus the overwhelming support of the senior subordinated noteholders, BJI was able to complete its restructuring out-of-court, without the need for Chapter 11 relief.\u00e2\u20ac\u009d<\/p>\n
BJI\u00e2\u20ac\u2122s top management remains in place. In addition to Moriarty remaining as BJI\u00e2\u20ac\u2122s chief executive officer, Vincent Tortorici remains as BJI\u00e2\u20ac\u2122s chief accounting officer and the current senior management team in each of BJI\u00e2\u20ac\u2122s businesses also remains in place.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Casual Living, Florida-based Brown Jordan International Inc. has restructured its financial affairs and<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2501","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=2501"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2501\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}