Apparel designer Centric Brands Inc. plans to emerge from bankruptcy by the end of October, handing over reorganized company equity to current private equity lenders.
The reorganized company—whose ownership will include Blackstone, Ares Management Corp., and HPS Investment Partners— will be valued at between $1.25 billion to $1.45 billion, according to court filings.
“Today’s announcement represents a critical moment in our journey to emerge as an even stronger company, poised for long-term growth,” Jason Rabin, CEO of Centric Brands, said in a statement Friday after the U.S. Bankruptcy Court for the Southern District of New York confirmed the Chapter 11 ...
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