Such statements include, among others, those concerning the completion, outcome and effects of the Chapter 11 proceedings, the ability of Sequential to satisfy conditions of the APAs, Sequential’s ability to obtain approval of the bankruptcy court and our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. We use words such as "future," "seek," "could," "can," "predict," "believe," "intend," "expect," "anticipate," "plan," "may," "will," "should," "estimate," “potential," "project" and similar expressions to identify forward-looking statements. This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). are serving as Sequential’s investment banker. Stifel and its affiliate Miller Buckfire & Co. Gibson, Dunn & Crutcher LLP and Pachulski Stang Ziehl & Jones LLP are serving as Sequential’s legal counsel. or Canada) or (781) 575-2048 (for parties outside the U.S.) or sending an email to Please also refer to the Company’s form 8-K filed as of the date of this press release. Sequential has filed a number of customary motions seeking court approval to continue supporting its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption and other relief measures customary in these circumstances.Īdditional information regarding Sequential’s financial restructuring, including court filings and information about the claims process, are available at or by calling Sequential’s claims agent, Kurtzman Carson Consultants LLC, at (866) 556-7696 (toll-free in the U.S. The proposed transactions will be implemented pursuant to the terms of a Restructuring Support Agreement reached between the Company and its Term B Lenders. The Company expects this new financing, together with cash generated from ongoing operations, to provide ample liquidity to support its operations during the sale process. In connection with this in-court process, Sequential will be obtaining $150 million in debtor-in-possession (“DIP”) financing from its existing Term B Lenders. The Company believes that each of its brands is well-positioned for profitability under the stewardship of new owners. The Company will seek approval from the Court of auction and bidding procedures that are designed to maximize the value of the Company’s assets through an open process that enables interested buyers to submit a bid or bid(s) on the Company’s assets. Accordingly, in conjunction with the filing, the Company will pursue the sale of all or substantially all of its assets under Section 363 of the U.S. The Company determined that, as a result of the significant debt on its corporate balance sheet, it was no longer able to operate its portfolio of brands.
Bankruptcy Court for the District of Delaware (the “Court”). (“Sequential” or the “Company”) (NASDAQ:SQBG) today announced that it, together with its wholly-owned subsidiaries, has commenced voluntary Chapter 11 proceedings in the U.S.
31, 2021 (GLOBE NEWSWIRE) - Sequential Brands Group, Inc. Receives a Commitment for $150 Million in Debtor-in-Possession Financing Company to Facilitate Transaction Process and Sale of Its Assets Through
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