Proceeds from the transaction were used to finance True Religion’s emergence from Chapter 11 on Oct. 19, 2020 under a court-approved plan of reorganization. They also will provide ongoing working capital for the company’s growth plans over the next several years.
“Collaboration with our lender, Crystal Financial, throughout the bankruptcy case was a critical component of our successful reorganization,” Michael Buckley, CEO of True Religion, said. “Michael Russell and the Crystal team worked tirelessly throughout the process to ensure that we had the necessary capital structure to support our go forward operations. We are grateful for the tremendous support from Crystal, without whose partnership and belief in True Religion’s prospects we would not be embarking on this exciting next chapter in the company’s journey.”
“Crystal is thrilled to continue our partnership with True Religion. Despite unprecedented operating conditions, Michael Buckley and his team executed upon strategic initiatives that have positioned the company for long-term success. We are incredibly excited to play a role in the growth and evolution of this iconic brand,” Michael Russell, director of Crystal Financial, said.
Crystal Financial, a portfolio company of Solar Capital, is a provider of direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies.