Big Lots says it has initiated voluntary Chapter 11 process in Delaware to facilitate restructuring initiatives and ownership transition, according to a statement and a court filing.
- Estimated liabilities: $1b-$10b
- Estimated assets: $1b-$10b
- Nexus Capital Management has agreed to acquire substantially all of the company’s assets and ongoing business operations
- Big Lots secured commitments for $707.5m of financing in the form of a post petition credit facility
- Includes $35m in new financing from some current lenders
- New financing and cash from ongoing ops are expected to provide sufficient liquidity as co. works to complete the sale transaction
- Will close additional ...
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