NBG Files for Bankruptcy, Plans to Cede Control (Correct)

Nielsen & Bainbridge, a home-décor and framing-supply company backed by Sycamore Partners, and a dozen of its units sought bankruptcy protection in Houston on Wednesday, court filings show.

The company inked an agreement with lenders led by KKR and Silver Point Capital to cut its debt by roughly $350 million, according to an announcement. Lenders have agreed to provide $30 million of new money and take control of the company, unless a better bid emerges during bankruptcy.

Nielsen & Bainbridge, which listed as much as $500 million in liabilities and $1 billion in assets, is best known as ...