Second Avenue Capital Partners and CIT Northbridge entered into a senior secured credit agreement with Old Time Pottery, a Tennessee-based home décor retailer.
Proceeds from the credit facility will be used as exit financing to enable Old Time Pottery’s emergence from a restructuring process.
Second Avenue and CIT Northbridge initially provided a debtor-in-possession facility to Old Time Pottery during the height of the COVID-19 pandemic in early July. The lenders worked with the company and the pre-petition lender to take action and provide supportive capital during the restructuring process.
“The emergence of Old Time Pottery represents a noteworthy success,” Andrew Prunier, managing director of Second Avenue Capital Partners, said. “It is a real testament to the strength of the team, the resilience of the brand and the loyalty of the customer base.”
“Old Time Pottery is set up for continued success thanks to Second Avenue Capital Partners and CIT Northbridge,” Jason Schmitt, CEO of Old Time Pottery, said. “I am incredibly grateful to our employees, long-term business partners, and landlords who worked with us to make this possible, and I am extremely pleased that we are able to ensure all creditors receive 100% of the money they are owed. We are looking forward to a wonderful holiday season, which is when Old Time Pottery really shines.”
“Old Time Pottery provides the communities they serve with quality products at a great value,” Neal Legan, who leads CIT Northbridge, said. “We’re excited to provide Old Time Pottery with the critical financing needed to continue its operations.”
