The company entered Chapter 11 with nearly $2 billion in debt across various loans. This includes a $248.7 million asset-based loan, a $1.097 billion first-lien term loan, a $125 million second-lien term loan, and a $514.7 million HoldCo term loan facility.
Vitamin Shoppe Hits Chapter 11 : Restructuring Support and Bankruptcy Financing
The majority of Franchise Group’s existing lenders have agreed to a restructuring support plan, which includes providing $250 million in new financing to facilitate the Chapter 11 process. This new funding is expected to help Vitamin Shoppe and other Franchise Group businesses navigate the restructuring and continue operations during the bankruptcy proceedings.
Vitamin Shoppe Hits Chapter 11 : Legal Representation and Case Details
Franchise Group’s legal representation includes Edmon L. Morton, Matthew B. Lunn, Allison S. Mielke, and Shella Borovinskaya of Young Conaway Stargatt & Taylor LLP, along with Debra M. Sinclair, Matthew A. Feldman, Betsy L. Feldman, and Joseph R. Brandt of Willkie Farr & Gallagher LLP.
