STAMFORD, Conn., Dec. 18, 2019 /PRNewswire/ -- High Ridge Brands Co. ("High Ridge Brands" or the "Company"), today announced that it is pursuing the sale of the Company and is currently engaged in active discussions with interested bidders. To facilitate an orderly sales process, the Company and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). High Ridge Brands intends to complete the sales process under Section 363 of the U.S. Bankruptcy Code. The Company's U.K. business operations are not included in the Chapter 11 filing and will not be subject to the requirements of the U.S. Bankruptcy Code.
"In the last two years, High Ridge Brands has made tremendous progress enhancing our global operations, investing in best-in-class innovation and expanding our branded personal care platform," said Patricia Lopez, High Ridge Brands' Chief Executive Officer and President. "Following a thorough review of the options available to us, we have made the decision to execute a court-supervised sales process in order to maximize the value of our strong brands. As we move forward, we remain focused on our mission of crafting extraordinary experiences for savvy consumers through our hair care, skin cleansing and oral care products. We are committed to minimizing the impact on our employees, customers, vendors and other stakeholders throughout the sales process, and we thank them for their ongoing support."
In conjunction with the sales process, High Ridge Brands has received a commitment for approximately $20 million in debtor-in-possession ("DIP") financing from its existing secured lender group. Upon Court approval, the new financing, combined with cash generated from the Company's ongoing operations, will be used to support the business throughout the sales process. High Ridge Brands has sufficient liquidity to meet its go-forward business obligations. The Company expects to service its customers with on-time, in-full deliveries of all product lines and pay its suppliers in full for goods and services provided on or after December 18, 2019, the Chapter 11 filing date.
In conjunction with the Chapter 11 filing, the Company has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to continue payment of employee and contractor wages and benefits, honor customer payments and orders and pay suppliers for post-petition goods and services. The Company expects to receive court approval for these requests.
Additionally, M. Benjamin Jones, a Senior Managing Director at Ankura Consulting Group, is serving as Chief Restructuring Officer and will help support the Company through the reorganization process and with related activities.
Court documents and additional information can be found at a website administered by High Ridge Brands' claims agent, Prime Clerk, at http://cases.primeclerk.com/HighRidge or by calling the Company's Restructuring Hotline, toll-free in the U.S., at (877) 474-5021. For calls originating outside of the U.S., please dial +1 (917) 947-2681.
Debevoise & Plimpton LLP and Young Conaway are serving as the Company's legal counsel. Ankura Consulting Group is serving as the Company's restructuring advisor. PJT Partners is serving as financial advisor to the Company.
About High Ridge Brands
High Ridge Brands, headquartered in Stamford, Connecticut, is one of the largest independent branded personal care companies in the United States by unit volume, with a mission to craft extraordinary experiences for savvy consumers. Today, High Ridge Brands has a portfolio of over thirteen trusted brands, serving primarily North American skin cleansing, hair care and oral care markets, including Zest®, Alberto VO5®, REACH®, Firefly®, Dr. Fresh®, Coast®, White Rain®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix®, Binaca® and Thicker Fuller Hair®. In addition, the Company has relationships with leading entertainment properties through which it has a portfolio of licenses such as Star Wars, Batman, Spiderman, Hello Kitty, and Transformers. The Company operates an asset-light model, outsourcing its manufacturing needs, and has approximately 140 employees. For more information, please visit www.highridgebrands.com.
High Ridge Brands Media Contact:
Meaghan Repko / Leigh Parrish / Dan Moore
Joele Frank Wilkinson Brimmer Katcher
SOURCE High Ridge Brands