Mrs. Fields Near Deal to Refinance With Carlyle, Z Capital
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Mrs. Fields Famous Brands LLC plans to cede control to creditors including Carlyle Group LP and Z Capital Partners LLC as the cookie chain refinances debt to return to profitability.
The company, which also owns frozen-yogurt maker TCBY, started the refinancing process Oct. 21 and expects it to conclude Dec. 5, according to a statement today. Mrs. Fields hired Houlihan Lokey to advise on a proposed exchange of debt for equity, said four people with knowledge of the plan.