Akin Gump Advises Blackstone/GSO in Centric Brands Restructuring

(New York) – Centric Brands Inc., a leading lifestyle brands collective, announced today that it has entered into a Restructuring Support Agreement with substantially all of its secured lenders, led by certain funds managed by Blackstone, Ares Management Corporation, and HPS Investment Partners, to recapitalize the company. A team from Akin Gump advised Blackstone/GSO as the second-lien noteholder and debtor-in-possession (DIP) provider.

The move will provide $435 million in DIP financing and allow the company to operate without interruption throughout the restructuring process.

Additionally, the agreement contemplates a timely emergence from the process with a plan to substantially reduce Centric Brands’ funded second lien indebtedness by approximately $700 million, thereby positioning the business for future growth and success. As part of the agreement, the company has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, White Plains Division.

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Dan Fisher, head of Akin Gump’s integrated special situations team, and financial restructuring practice co-head Phil Dublin led the team advising Blackstone/GSO. They were joined by partners Ira Dizengoff, Brad Kahn, Jaisohn Im and Chad Nichols for finance work and Zachary Wittenberg for corporate work.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 1,000 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75

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