Cherokee Global Brands, a marketing platform that manages a growing portfolio of fashion and lifestyle brands, amended its senior secured credit facility with Cerberus Business Finance to address all matters connected to its forbearance agreement.

According to a related 8-K filing, the amendment includes a waiver of all defaults under the Cerberus credit facility arising from the company’s failure to comply with financial covenants thereunder as of April 28, 2017. As of April 29, 2017, the company had approximately $49.2 million in principal amount of outstanding indebtedness owed under the Cerberus credit facility, all of which is due in December 2021.

In connection with the amendment, the company and several investors, including certain of the company’s directors, officers and large stockholders, entered into a common stock purchase agreement. Through the private placement financing, the company issued an aggregate of 947,870 shares of common stock at a per share purchase price of $4.22, resulting in net proceeds to the company of approximately $4.0 million.

In addition, the company secured commitments from the investor group for additional financing that, if required, will allow the company to continue to grow its business and execute its long-term strategic plan. The maximum aggregate value of the commitments for the committed financings from all investors is approximately $5.5 million.

“We are pleased to announce our amended facility with Cerberus, and appreciate their continued confidence in Cherokee Global Brands,” commented Henry Stupp, CEO of Cherokee Global Brands. “While the financial integration of the Hi-Tec acquisition was difficult given the complexities of its foreign operations, we have taken the necessary steps to resolve these matters. We look forward to focusing our efforts on the continued growth of all of our brands, particularly our namesake Cherokee brand and the Hi-Tec portfolio. On that front, we continue to make progress, expanding our reach across new categories and geographies, both domestically and abroad.”