Checkers reached a restructuring deal with its lenders on Tuesday. | Photo courtesy of Checkers Drive-In Restaurants
Checkers Drive-In Restaurants on Tuesday said it has reached a deal with its lenders that will give them a majority stake in the company in exchange for a reduction in its overall level of debt.
As part of the deal, Checkers senior lenders Arbour Lane Capital Management, Garnett Station Partners and Guggenheim Investments will take over majority ownership of the company from the private equity firm Oak Hill Capital Partners.
As part of the agreement, Checkers long-term debt will be cut to $75 million from $300 million. The company will also receive an additional $25 million in debt financing to fund remodels and other ef…
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