May 23, 2018 8:45 PM ET


Company Overview of Quality King Fragrances, Inc

Company Overview

Quality King Fragrances, Inc doing business as Quality King Fragrance Group, distributes perfumes and bath products. The company offers its products through retail stores, drugstores, and other retail chains across the United States, including Sears, Kohl's, Walmar, and Ross. The company was founded in 2000 and is based in Bellport, New York. Quality King Fragrances, Inc operates as a subsidiary Perfumania Holdings, Inc.

35 Sawgrass Drive

Bellport, NY 11713

United States

Founded in 2000

Key Executives for Quality King Fragrances, Inc

Quality King Fragrances, Inc does not have any Key Executives recorded.

Quality King Fragrances, Inc Key Developments

Final DIP Financing Approved for Model Reorg Acquisition, LLC

The US Bankruptcy Court gave an order to Model Reorg Acquisition, LLC to obtain DIP financing on a final basis on October 6, 2017. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $83.75 million and letter of credit of $10 million from Wells Fargo Bank, National Association with Wells Fargo Bank, National Association also acting as the administrative agent. The DIP credit facility would carry an interest rate of applicable margin of 3.25% p.a. plus greatest of Federal Funds Rate plus 0.50% p.a., or prime rate, along with an additional 2% p.a. interest in the event of default. The Applicable Margin for Letter of Credit Fee shall be 4.5%. The DIP facility also carries a debtor-in-possession financing facility fee of 1% of the aggregate commitments. The DIP facility would mature either on December 31, 2017 or 45 days from the date of interim order if the final order is not received within that period or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $2 million towards unpaid professional fees and first priority lien upon and security interest in the debtor’s collateral. The proceeds from the DIP facility shall be used for general working capital needs, the repayment of the Obligations and the payment of fees, expenses, and costs incurred in connection with the DIP facility.

Prepackaged Reorganization Plan and Disclosure Statement Approved for Model Reorg Acquisition, LLC

The US Bankruptcy Court ordered approving the prepackaged plan of reorganization and disclosure statement of Model Reorg Acquisition, LLC on October 6, 2017. The debtor filed prepackaged plan of reorganization in the Court on August 26, 2017. As per the plan filed, administrative claims, priority tax claims, other priority claims and professional fee claims will be paid in full in cash. The DIP facility claims will be paid through issuance of debt instruments. Other secured claims will be paid in full in cash. QKD Note claims, Nussdorf Trust Note claims and 2004 Note claims will be reinstated and General Unsecured Claims will be paid in cash. Intercompany claims will be reinstated. Intercompany Interests will be reinstated. The interests in Perfumania will be cancelled and no distribution will be paid. Subordinated 510(b) Interest will be cancelled. The plan will be funded from cash on hand, exit facility and issuance of reorganized debtor's common stock.

Store Closing Sales Approved on Final Basis for Perfumania Holdings, Inc.

The US Bankruptcy Court ordered approving the sale certain assets through store closing sale of Model Reorg Acquisition, LLC on final basis on October 6, 2017. As per the order, the Court approved the agency agreement between the affiliate and Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC. Pursuant to the agency agreement, Agents guarantee that the seller shall receive 68.3% of the aggregate Cost Value of the Merchandise. Agent shall sell all furniture, fixtures, and equipment at the Stores owned by Merchant pursuant to a commission structure whereby Agent shall be entitled to receive a commission equal to 17.5% of the gross proceeds from the sale.

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