(Bloomberg) — EyeCare Partners LLC is close to a deal that would reduce its debt load and provide new financing from a group of creditors, people familiar with the matter said.
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The deal seeks to restructure the creditor hierarchy and exchange debt at a discount, the people said, asking not to be identified due to private matters.
The Eye Doctors Network, backed by Partners Group, is wasting money as it battles rising costs due to inflation and a tight labor market. The company's first lien loans, which are due in 2027, are valued at about 54 cents on the dollar, according to data compiled by Bloomberg.
The firm is working with Centerview Partners and Kirkland & Ellis, and the group of financial institutions is advised by Evercore and Gibson Dunn & Crutcher. Some lenders last year signed cooperation agreements aimed at preventing infighting among creditors, Bloomberg reported.
Messages left with the company, Evercore and Gibson Dunn were not returned, and Centerview representatives declined to comment.
Troubled companies are increasingly taking advantage of weak trading levels to reduce their obligations. Earlier this week, City Brewing Co LLC entered into a deal with lenders to raise new cash by shuffling assets into a new entity and borrowing money.
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