Deals
David's Bridal Is Near a Deal for Chapter 11 Restructuring
- Restructuring plan would hand control to senior creditors
- Company would keep stores open with help from existing lenders
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David’s Bridal Inc. is nearing an agreement with lenders to cut debt through a bankruptcy filing and keep its chain of wedding-gown stores in business, according to people with knowledge of the matter.
The talks involve a restructuring deal that would hand ownership in the reorganized company to senior lenders that include Oaktree Capital Group LLC, said the people, who asked not to be identified because the discussions are private. It’s currently owned by the Clayton Dubilier & Rice buyout firm and carries about $760 million in debt. As part of the agreement, David’s is preparing to file for court protection from creditors as early as next week, they said.