Weight Watchers Creditors Prepare to Sign Cooperation Agreement
- Arrangement would bind lenders to act together in negotiations
- Term loan, dollar bond have fallen below 45 cents on dollar
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Some creditors of WW International Inc. are finalizing details of a cooperation agreement as they look to maintain a united front should the parent of Weight Watchers want to pursue talks, according to people familiar with the situation.
The group is working with law firm Gibson Dunn & Crutcher, said the people, who asked not to be identified as the information is private. By organizing, the creditors — which hold a majority of WW’s lone dollar bond and a $942 million term loan that have slumped in price this year — would bind together in any potential negotiations with the parent of Weight Watchers, the people said.