At Home has received court approval for its restructuring plan, moving the value home décor retailer closer to exiting bankruptcy and transferring ownership to a group of its lenders.
The plan eliminates nearly $2 billion in funded debt and provides the company with about $500 million under an asset-based loan.
Once complete, ownership will pass to lenders including funds affiliated with Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors.
“Having received this approval, we are one step closer to emerging from our court-supervised process with a fully de-levered balance sheet, a more profitable operating model and new financial resources to invest in our strategic initiatives,” CEO Brad Weston said.
At Home filed for bankruptcy in June while operating about 260 locations. It has since closed roughly 30, leaving 232 stores across 39 states.
The company is now preparing for the holiday season while continuing to serve customers in-store and online.
At Home also recently launched an exclusive Real Simple collection of 270 items priced between $1.99 and $129.99. Chief design officer Kristian Lazzaro said the line was created to bring “thoughtful design and style to everyday essentials” in time for the holidays.
Advisors on the case include Kirkland & Ellis, PJT Partners, AlixPartners, Hilco Real Estate, and Joele Frank, Wilkinson Brimmer Katcher for At Home, with Dechert LLP and Evercore Group LLC advising the ad hoc lender group.
