J.P. Morgan, Wells Fargo and Bank of America provided a $110 million asset-backed lending facility to Tuesday Morning in the company’s emergence from its Chapter 11 filing.
Haynes and Boone served as legal advisor, Miller Buckfire, a Stifel company, served as financial advisor and AlixPartners served as restructuring advisor to Tuesday Morning.
“We have emerged with a streamlined operating model and are well-positioned to execute on our strategy,” Steve Becker, CEO of Tuesday Morning, said. “I want to thank our associates, customers, vendors, creditors and equity investors for their steadfast support that helped us get to this critical milestone. Tuesday Morning is poised for a bright future in the off-price home goods market and we look forward to continue serving our valued customers.
“Tuesday Morning worked diligently with our advisors to craft a plan of reorganization that paid our vendor claims in full while protecting our shareholders. We are especially pleased that our plan of reorganization has attracted significant new institutional ownership while allowing our shareholders to participate in the upcoming $40 million rights offering.”