Tulsa, OK
Carl Marks Advisors (CMA) was engaged to restructure DirectBuy’s balance sheet to ensure continued operations, draft a go-forward business plan, lead negotiations, and facilitate stakeholder communications.
CMA successfully restructured $335 million in high-yield bonds and a $30 million credit facility, converted Senior Notes to equity, and issued PIK toggle-notes. CMA also extended the Revolver’s maturity, reset covenants, developed cash flow and operating models, and secured financing to stabilize the business.
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