C1 filed a prepackaged Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Southern District of Texas. CVC Capital Partners, Silver Point Capital and Monarch Alternative Capital committed to provide new equity and debt financing as part of the process.
A panel at Restaurant Finance Monitor’s Restaurant, Finance & Development Conference in Las Vegas advised that structural shifts in the restaurant industry mean that many multi-unit restaurant franchisees need to shore up their balance sheets and revisit their business models.
Dhanani Group closed financing totaling $500 million. Monarch Alternative Capital and its partners led the five-year secured bank loan facility.
Monarch Alternative Capital purchased 10 full-service hospitality real estate assets located in four states in the United States for a total consideration of $360 million. The properties were sold by Eagle Hospitality Real Estate Investment Trust as part of its bankruptcy process.
Pyxus completed its financial restructuring, which includes a $213 million exit term loan and a $75 million exit asset based revolving facility. Glendon Capital Management and Monarch Alternative Capital are leading the investment in Pyxus’ exit term loan facility.
According to Reuters, retail chain Claire’s Stores has filed for Chapter 11 in U.S. bankruptcy court in Delaware. Citigroup will provide DIP financing for the company as it goes through restructuring.
American Apparel’s plan of reorganization has been confirmed by the Court. The company’s transformation strategy to revitalize the brand remains the key focus.
Bloomberg reported Monarch Alternative Capital abandoned negotiations to take over a $140 million loan to RadioShack, as the retailer struggled to reach a deal with lenders on a turnaround plan.