Golden Gate Capital, a San Francisco based private equity investment firm with over $15 billion of capital under management said it has completed acquisition of Pacific Sunwear of California (PacSun), which had filed for bankruptcy earlier. Golden Gate has completed the acquisition after satisfying all closing conditions initiated by the bankruptcy court.
Under the restructuring plan, PacSun has significantly restructured and reduced its long-term debt and annual occupancy costs, as well as improved its capital structure.Golden Gate Capital, a San Francisco based private equity investment firm with over $15 billion of capital under management said it has completed acquisition of Pacific Sunwear of California (PacSun), which had filed for bankruptcy earlier. Golden Gate has completed the acquisition after satisfying all closing conditions initiated by the bankruptcy court.#
Golden Gate Capital has converted more than 65 per cent of its term loan debt into the equity of the reorganised company and has provided a minimum of $20 million in additional capital. Additionally, Wells Fargo has also provided a five-year $100 million revolving line of credit.
PacSun sells a combination of branded and proprietary casual apparel, accessories and footwear targeted at teens and young adults. As of September 7, 2016, it operated 583 stores in all 50 US states and Puerto Rico. (AR)
ALCHEMPro News Desk – India
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