B. Riley Confirms Talks on Asset Deals to Cope With Debt
- Company cites tentative plans to sell stake in Great American
- Seeks to pay down Nomura loan; no commitments in place
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B. Riley Financial Inc., the embattled broker-dealer and investment firm, outlined preliminary plans to sell assets and round up financing to cope with its debt burden and shore up its balance sheet.
The Los Angeles-based firm confirmed it’s in talks to sell a majority stake in Great American Group, known for advising troubled retailers, and has a non-binding commitment for financing of its B. Riley and bebe brands businesses. Both deals are tentative and still subject to reaching definitive agreements, the company said in a statement Monday.