Clearlake-Backed Blind Maker Sees Rival Creditors Stockpile Debt
- Two groups are preparing to pitch deals for debt haircuts
- Sponsor Clearlake is likely to preserve equity position
The company doesn’t have material debt maturities until 2028, but creditors began to organize amid fears over the firm’s liquidity levels.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Wall Street firms are racing to corral the debt of a little-known Wisconsin window covering producer in preparation for a potential restructuring fight that’s likely to pit them against each other.
A loosely organized group of debt holders preparing for talks with Clearlake Capital Group-backed Springs Window Fashions LLC split into two factions in recent weeks, according to people with knowledge of the matter. One is mostly composed of bondholders and the other is largely loan holders, said the people, who asked not to be identified because discussions are private.