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On January 3, 2019, FULLBEAUTY Brands Inc. announced that it has entered into a comprehensive Restructuring Support Agreement with key stakeholders, including its equity sponsors, Apax Partners and Charlesbank Capital Partners, holders of 100% of its first-in, last-out term loan claims, holders of over 99% of its first lien term loan claims and holders of over 95% of its second lien term loan claims, PRNewswire reported. The restructuring transaction contemplated by the RSA will reportedly reduce FULLBEAUTY’s outstanding indebtedness by nearly $900 million. The transaction is expected to close in early 2019. To implement the financial restructuring contemplated by the RSA, the Company expects to file voluntary petitions for reorganization pursuant to chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, following expiration of the solicitation period on or about January 24, 2019. Currently, 100% of the FILO Lenders, over 99% of the First Lien Lenders, and over 95% of the Second Lien Lenders have signed up to the RSA and committed to vote in favor of the Plan. The Company will continue to solicit votes on its plan of reorganization in advance of the chapter 11 filing. As a result, FULLBEAUTY expects to emerge from bankruptcy shortly after filing. Kirkland & Ellis LLP, PJT Partners and AlixPartners are the advisors for the Company.
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