Bed Bath & Beyond could receive a little more than $1 billion in gross proceeds from a stock offering in an attempt to avoid bankruptcy, the company announced.
Bed Bath & Beyond could receive a little more than $1 billion in gross proceeds from a stock offering in an attempt to avoid bankruptcy, the company announced today.Without the funding the retailer would have likely had to file for bankruptcy protection, but has now bought itself some time to work out its next steps.
The company was able to amend its credit agreement to waive existing defaults and to use the availability under its credit facilities to make the missed interest payment on its senior notes by March 3. The company can reborrow the repaid amounts under the revolver to fund general corporate purposes such as restocking inventory.While the money will buy Bed Bath & Beyond extra time, without a credible turnaround plan the end result is still likely bankruptcy, says David Silverman, senior director at Fitch Ratings.
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