Discount Retailer 99 Cents, Lenders Prep for Debt Restructuring

Discount retailer 99 Cents Only Store LLC is exploring a debt restructuring, and some bondholders have hired advisory firm Portage Point Partners for talks, according to people with knowledge of the situation.

Portage’s retention follows the investors’ earlier engagement of Weil Gotshal & Manges for legal advice, Bloomberg News reported last August, after the company moved certain real estate assets out of creditors’ collateral packages.

99 Cents, meanwhile, is working with a cadre of advisers including Jefferies Financial Group Inc. and law firm Milbank, said the people, who asked not to be identified discussing a private matter.

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