Container Store Files For Bankruptcy, Gets $40m New Financing

The Container Store Group Inc. files for Chapter 11 bankruptcy protection in Texas, according to a court filing.

• Estimated liabilities: $100m-$500m; estimated assets: $100m-$500m
• In a separate statement, Container Store says it filed for voluntary protection under Chapter 11 to implement a recapitalization transaction
  • At least 90% of term loan lenders have entered into a transaction support agreement, pledging $40m of new financing, at least $45m of deleveraging, as well as substantial debt service relief, and material maturity runway
  • Co. modified asset-backed lending facility to add $40m in upsized capacity
  • Stores and website will continue to operate as normal; ...