Nielsen & Bainbridge is shifting gears in bankruptcy to reorganize around a subsidiary, saying it can’t afford to revamp its entire home decor business.
The Sycamore Partners-backed home decor and framing supplier is abandoning a restructuring proposal that would have slashed its debt by $350 million and put a lender group led by KKR and Silver Point Capital in control of the company. The lenders have said they are open to instead reorganizing around Quoizel LLC, the company’s hardwired lighting business, but there is no new deal yet in place.
Nielson & Bainbridge filed for bankruptcy in February with the ...