German outdoor brand Jack Wolfskin announced on Thursday that it has reached an agreement with the company’s creditors to complete the restructuring of the company’s financial structure. Previously, Jack Wolfskin's debt amounted to 365 million euros. After the completion of the restructuring, the current liability is 110 million euros, which will expire after 2022. Jack Wolfskin’s current priority creditors include Bain Capital Credit, HIG/Bayside Capital and CQS. After completion of the reorganization, these senior creditors will become Jack Wolfskin’s majority shareholder, through a Luxembourg-based holding company holding more than 50% of the company’s shares. They also added a short-term loan of 25 million euros to Jack Wolfskin. "This restructuring not only reduces our liabilities, but also increases our liquidity and lays a solid foundation for our future development." Jackowskin CEO Melody Harris-Jensbach said: "At present, our core market Sales in the DCAH region (including the Netherlands, Austria, and Switzerland) and other key markets have already begun to pick up. Pre-sales of apparel in the autumn and winter of 2017 were good and feedback was very positive.†As the representative of the priority creditor, Gauthier Reymondier of Bain Captial Credit stated: “Jack Wolfskin is the largest outdoor brand in the DCAH region and the third largest outdoor product market in China. After this reorganization, we will develop the company for the next few years. Very confident." In April this year, due to the inability to find a buyer willing to acquire Jack Wolfskin, the company’s previous major shareholder, the well-known US private equity firm Blackstone (Blackstone Group), reached an agreement with Jack Wolfskin’s creditor group to carry out debt stock swaps. Jack Wolfskin’s controlling share transfer to creditors. Founded in 1981, the Jack Wolfskin brand was acquired by Quadriga and Barclays at a price of 90 million euros in 2006 and entered a high-speed growth period. In 2010, Wolfskin's annual sales exceeded 300 million euros. Blackstone Group completed the acquisition of Jack Wolfskin from two private equity funds, Quadriga and Barclays, in 2011. At that time, the valuation was reported to exceed 700 million Euros. The source of transaction funds included debt financing of 485 million U.S. dollars. But in the past two years, Jack Wolfskin's retail performance has been very poor, and since he took back the Chinese market agency rights in 2015, their situation in the Chinese market is also very difficult. 75 Inch Conference Interactive Whiteboard As a 75 inch conference all-in-one machine, 75 inch Conference Interactive Whiteboard, microphones and conference software. The small size contains great momentum, providing high-quality pictures and sound effects for team video conferences. 75 Inch Conference Interactive Smart Board,75 Inch Conference All-In-One Machine,75 Inch Electronic Interactive Digital Board,75 Inch Interactive Digital Board Guangdong Zecheng Intelligent Technology Co., Ltd , https://www.szzcsecurity.com
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