Latest news with #capitalinfusion
Associated Press
16-06-2025
- Business
- Associated Press
At Home Group Enters Agreement to Facilitate Ownership Transition and Position Business for Long-Term Success
DALLAS--(BUSINESS WIRE)--Jun 16, 2025-- At Home Group Inc. ('At Home' or the 'Company') today announced steps the Company is taking to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers. The Company has entered into a Restructuring Support Agreement (the 'RSA') with lenders holding more than 95% of the Company's debt that sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the Company's nearly $2 billion in funded debt and provide a capital infusion of $200 million to support the Company through its restructuring process and beyond. Pursuant to the RSA, following the consummation of its restructuring, the Company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the Company with new capital, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. 'We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future,' said Brad Weston, Chief Executive Officer of At Home. 'Over the past several months, we've taken deliberate steps to strengthen the foundation of our business - sharpening our focus, elevating our customer value proposition, and driving operational discipline. These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency, and enhancing overall profitability. While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs. The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term.' 'We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy,' continued Weston. 'Upon emergence from the prearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet. Importantly, this process will also further equip us with opportunities to invest in our strategic initiatives and to continue fortifying our business for the long term. As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME.' Additional Information About the Court-Supervised Process To implement the terms of the RSA, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the 'Court'). At Home is continuing to serve customers during the court-supervised process, providing exceptional value through affordable design and decorating solutions both in-store and online. Under the RSA, the Company has agreed to certain milestones to ensure an orderly emergence from Chapter 11 as soon as practicable after the filing of the cases. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession ('DIP') financing, which includes the $200 million capital infusion from certain of its existing lenders and a 'roll up' of $400 million of existing senior secured debt. The Company's existing lenders and ABL lenders have also consented to the Company's use of cash collateral during these Chapter 11 cases. Upon Court approval, the Company expects this financing, together with cash generated from At Home's ongoing operations, will provide sufficient liquidity to support the business during the court-supervised process. At Home has filed a number of customary 'first-day' motions with the Court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases, and uphold its go‑forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption. At Home fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. The Company expects to receive court approval for these requests in the near term. Additional information regarding At Home's court-supervised process is available at Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc. ('Omni'), at by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to [email protected]. Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor, AlixPartners is serving as restructuring advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home: AT HOME believes your home should be a reflection of your personal style – warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about helping customers Design Their Life AT HOME with beautiful, accessible solutions that inspire and engage. Headquartered in Coppell, Texas, AT HOME currently operates 260 stores in 40 states. For more information, please visit us online at View source version on CONTACT: For Media Joele Frank, Wilkinson Brimmer Katcher Meaghan Repko / Aaron Palash / Carly King 212-355-4449 For Landlords Hilco Real Estate, LLC Daniel O'Brien [email protected] 847-504-2475 Adam Humerick [email protected] 847-504-3265 KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: RETAIL HOME GOODS SOURCE: At Home Copyright Business Wire 2025. PUB: 06/16/2025 04:20 AM/DISC: 06/16/2025 04:19 AM
Yahoo
16-06-2025
- Business
- Yahoo
At Home Group Enters Agreement to Facilitate Ownership Transition and Position Business for Long-Term Success
Restructuring Support Agreement with Key Financial Stakeholders to Eliminate Substantially All $2 Billion of Company's Funded Debt and Provide $200 Million in New Capital At Home Initiates Voluntary Court-Supervised Process to Implement Terms of Agreement Secures Commitment for $600 Million in Debtor-in-Possession Financing to Support Continued Operations Continuing to Serve Customers In-Store and Online with Compelling Home Furnishings Assortment That Pairs Good Design with Exceptional Value DALLAS, June 16, 2025--(BUSINESS WIRE)--At Home Group Inc. ("At Home" or the "Company") today announced steps the Company is taking to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers. The Company has entered into a Restructuring Support Agreement (the "RSA") with lenders holding more than 95% of the Company's debt that sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the Company's nearly $2 billion in funded debt and provide a capital infusion of $200 million to support the Company through its restructuring process and beyond. Pursuant to the RSA, following the consummation of its restructuring, the Company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the Company with new capital, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. "We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future," said Brad Weston, Chief Executive Officer of At Home. "Over the past several months, we've taken deliberate steps to strengthen the foundation of our business - sharpening our focus, elevating our customer value proposition, and driving operational discipline. These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency, and enhancing overall profitability. While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs. The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term." "We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy," continued Weston. "Upon emergence from the prearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet. Importantly, this process will also further equip us with opportunities to invest in our strategic initiatives and to continue fortifying our business for the long term. As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME." Additional Information About the Court-Supervised Process To implement the terms of the RSA, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). At Home is continuing to serve customers during the court-supervised process, providing exceptional value through affordable design and decorating solutions both in-store and online. Under the RSA, the Company has agreed to certain milestones to ensure an orderly emergence from Chapter 11 as soon as practicable after the filing of the cases. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession ("DIP") financing, which includes the $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Company's existing lenders and ABL lenders have also consented to the Company's use of cash collateral during these Chapter 11 cases. Upon Court approval, the Company expects this financing, together with cash generated from At Home's ongoing operations, will provide sufficient liquidity to support the business during the court-supervised process. At Home has filed a number of customary "first-day" motions with the Court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases, and uphold its go‑forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption. At Home fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. The Company expects to receive court approval for these requests in the near term. Additional information regarding At Home's court-supervised process is available at Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc. ("Omni"), at by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to AtHomeInquiries@ Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor, AlixPartners is serving as restructuring advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home: AT HOME believes your home should be a reflection of your personal style – warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about helping customers Design Their Life AT HOME with beautiful, accessible solutions that inspire and engage. Headquartered in Coppell, Texas, AT HOME currently operates 260 stores in 40 states. For more information, please visit us online at View source version on Contacts For MediaJoele Frank, Wilkinson Brimmer KatcherMeaghan Repko / Aaron Palash / Carly King212-355-4449For LandlordsHilco Real Estate, LLCDaniel O'Briendobrien@ 847-504-2475Adam Humerickahumerick@ 847-504-3265 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
13-05-2025
- Business
- Entrepreneur
More Retail Prepares for ₹2000 Crore IPO, Aims 3000 Stores by 2030
The report said that the listing will be mostly through a fresh capital infusion and most likely no offer for sale (OFS) component, as the Amazon-Samara's investment entity based in Singapore is unlikely to offload its shares as part of the IPO. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. More Retail, owned by the Amazon-Samara Capital partnership, is reportedly planning an INR 2,000 crore initial public offering (IPO) in the upcoming 12-18 months, with a dilution of approximately 10 per cent of its equity, said Vinod Nambiar, More Retail's managing director Vinod Nambiar, according to the Economic Times. The report said that the listing will be mostly through a fresh capital infusion and most likely no offer for sale (OFS) component, as the Amazon-Samara's investment entity based in Singapore is unlikely to offload its shares as part of the IPO. Amazon and Samara currently hold 51 percent and 48 percent of More Retail, respectively, with the remaining 1 percent held by high-net-worth individuals (HNIs) and various family offices. Initially, More Retail was a part of Aditya Birla Group, and then sold to its investors Samara Capital and Amazon, in 2019 for INR 4,300 crore. Since the purchase, the promoters have brought in INR 900 crore in capital, which was mainly used towards reducing its debt, according to Nambiar. According to the report, the company's remaining debt is part term loan and part non-commercial borrowings. Nambiar also told ET that the current business model is not capital hungry, as opening a More Retail store only costs INR 30 lakh because of the company's leasing model with all its real estate. Nambiar also said that the company will use the fresh capital through IPO to bolster its business operations and reduce some of its INR 500 crore debt. More Retail is also planning to expand its physical store presence to 3,000 by 2030. Currently, the company operates more than 800 stores across the country. More Retail enjoys a strong presence in South India, Haryana, NCR, Punjab, and West Bengal, while actively expanding to the eastern front through Jharkhand and Odisha this financial year. The retail chain has also exited saturated areas such as Mumbai.
