August 30, 2016
Weil advised the secured lenders to Things Remembered, Inc., a leading retailer of personalized gifts and products, in its recently completed $152 million out-of-court restructuring. The restructuring transaction provided secured lenders with 100% of the retailer’s equity, reduced the retailer’s outstanding indebtedness, and provided it with additional liquidity in the form of an asset-based loan to support future growth.
As part of the restructuring transaction, Weil successfully negotiated and executed a debt-for-equity exchange by achieving the unanimous consent of all lenders, the company and existing equity. Lenders part of the syndicate include KKR Credit, Ares, NXT and Orix.
The Weil team that advised the secured lenders was led by Global Finance head Daniel Dokos and Business Finance & Restructuring senior associate David Griffiths, and included Business Finance & Restructuring partner Matt Barr; Corporate partners Doug Warner and Gavin Westerman; Executive Compensation & Benefits partner Paul Wessel; Real Estate partner Samuel Zylberberg; Tax partners Stuart Goldring, William Horton and Mark Schwed; Corporate counsel John O’Loughlin; Banking & Finance associates Heather Viets, Amara Gossin, Thomas Mastoras and Emi Suzuki; Business Finance & Restructuring associate Alex Condon; Corporate associates Philip Wolf, Edi Rumano and Maryam Naghavi; Executive Compensation & Benefits associate Aaron Cha; Real Estate associate Anne Catherine Podolsky; and Tax associates Mark Dundon, Scott Fryman and Liam Murphy.