NexCen lender grants another three weeks  

New York – Troubled brand licensing and franchise firm NexCen Brands has received a three-week extension, through Aug. 8, to resolve disagreements with its main lender, BTMU Capital.

NexCen and BTMU are still at odds over whether NexCen is in default on various covenants; in the meantime the two are aiming to forge a restructured financial relationship, according to a form 8-K filed by NexCen yesterday with the Securities and Exchange Commission.

“We are gratified by the ongoing support of our lender as we work together to develop a long-term financing solution for NexCen,” said NexCen ceo Robert D’Loren. “Importantly, the progress we have made in working with our lender toward the restructuring of our credit facility enables us to continue implementing our operating plans for both our license and franchise businesses.”

In reaching the extension, NexCen won a series of amendments to the existing credit facility that enable it to fund various business expenses – such as $4.6 million for accounts payable and working capital, and $1.1 million in management fees due its subsidiaries – as it continues to operate.

BTMU also won amendments that will see it paid about $2.6 million for interest on outstanding notes and some $418,000 for advisory services.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!