CARY, N.C.–Lighting manufacturer Generation Brands has emerged out of Chapter 11, which it filed less than two months ago.
Under its completed restructuring, the company has eliminated more than $150 million of its debt, as well as received a new $20 million equity investment from an affiliate of Quad-C Management, Generation Brands’ principal stockholder. With the new outlay of money, Generation Brands will have approximately $40 million in liquidity and no debt maturities until 2014.
“Just 53 days after filing for Chapter 11, we were able to significantly de-lever the company’s balance sheet, ensure more than sufficient liquidity to support our working capital needs and emerge from Chapter 11 with the flexibility to pursue ongoing investments in new product development,” said T. Tracy Bilbrough, president and chief executive officer, Generation Brands, in a release. “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.”
The release added that throughout its Chapter 11 restructuring, it continued its business operations without impacting its suppliers or interrupting customers’ supply needs.
“During this process, Generation Brands met all of its financial targets,” Bilbrough said. “I believe that everyone at the company is energized and excited to continue this success as we begin operating outside of Chapter 11.”
Generation Brands’ portfolio includes the brands Murray Feiss, Sea Gull Lighting, Royce Lighting, and Monte Carlo Fan Company.