Petmate Reaches Reorganization Deal with Lenders

Petmate has reached an agreement to hand over 100% of the firm’s equity to its lender group in a financial restructuring, the company announced Wednesday.

• Lenders will cut more than 80% of funded debt, which is over $600 million
• $100 million of new capital will be injected
• Lender group is comprised of private equity and credit investors including Gamut Capital Management
• The Wall Street Journal had reported that the Platinum Equity-owned firm is nearing a deal to transfer control to its lenders

To contact the reporter on this story:
Nataly Pak in New York at npak6@bloomberg.net

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