Tropicana Mulls Competing Rescue Deals as Orange Juice Sales Lag
(Bloomberg) -- Tropicana Brands Group, facing a liquidity crunch as juice sales lag, is considering competing offers for a cash injection from new lenders and holders of its existing debt, according to people with knowledge of the situation.
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A loan offer from TPG Angelo Gordon is on the table, said the people, who asked not to be named citing private talks.
Some existing lenders to PAI Partners-controlled Tropicana are also in talks with the juice maker about a proposed debt fix that entails new financing and a restructuring of existing liabilities, the people added. Those creditors are working under a pact to negotiate with the company as a coordinated unit, they said.
Such cooperation agreements have become common in distressed debt markets as creditors seek to claw back negotiating power they lost in recent years as debt demand grew and their protections eroded. One result has been increased incidence of borrowers under stress using maneuvers that move assets away from existing creditors to raise new financing.
Representatives for TPG Angelo Gordon, a credit and real estate investing platform owned by alternative asset manager TPG, declined to comment on the potential financing talks. Tropicana, which didn't respond, is being advised in its debt-fix efforts by PJT Partners Inc. It declined to comment.
Gibson Dunn, which is advising the group of creditors, did not respond to a request for comment.
Tropicana's debt includes a $1.8 billion first-lien loan due in 2029 and a $450 million second-lien loan due 2030. They stem from PAI purchasing majority control of Tropicana, Naked Juice and other beverage brands in early 2022 from PepsiCo Inc.
Declining revenue is threatening Tropicana's ability to fund itself and service those borrowings, the people said.
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