Generation Brands exits Chapter 11
Company receives new $20 million equity investment
-- Home Accents Today, 1/26/2010 1:28:00 PM
Jan. 26, 2010 – Generation Brands announced today it 
has successfully completed its financial restructuring and emerged from Chapter 11, eliminating more than $150 million of debt from its balance sheet.
The company, a leading provider of light fixtures and ceiling fans for the building construction and home improvement industries, has also received a new $20 million equity investment from an affiliate of its principal stockholder, Quad-C Management, Inc. According to a company press release, the new investment gives the company approximately $40 million in liquidity and no debt maturities until 2014.
Generation Brands President and CEO T. Tracy Bilbrough said the investment, which comes just 53 days after filing for Chapter 11, gives the company the flexibility to pursue ongoing investments in new product development. “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 also states that throughout the company’s restructuring, it met all of its customer supply needs without interruption and with minimal impact to suppliers.
The company filed its voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware in Wilmington and was advised by White & Case LLP and Barclays Capital.
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