Just 53 days after shocking the industry with news that it was filing for bankruptcy, Generation Brands offically completed its financial restructuring and emerged from Chapter 11 status on Jan. 26.
The voluntary restructuring allowed the company to eliminate more than $150 million in debt from its balance sheet.
Following its emergence from bankruptcy, Generation Brands has also received $20 million equity investment from an affiliate of Quad-C Management Inc, the company’s principal stockholder.
With this new investment, the company says it has approximately $40 million in liquidity and no debt maturities until 2014.
“Our expeditious restructuring is a testament to our devoted employees, dedicated customers and suppliers and the strong relationship we have with our lenders, noteholders and stockholders,” says Generation Brands President and Chief Executive Officer Tracy Bilbrough.