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Flooring Giant Beaulieu Group Files Chapter 11, BofA to Agent DIP Facility

July 18, 2017, 07:38 AM
Filed Under: Bankruptcy

Georgia-based flooring firm Beaulieu Group LLC, doing business as Beaulieu Group LLC, announced that it has commenced a formal proceeding to restructure its balance sheet by filing voluntary petitions under Chapter 11 in the United States Bankruptcy Court for the Northern District of Georgia, Rome Division. 

The company's existing lenders have agreed to continue to support the company by providing debtor-in-possession (DIP) financing that will be combined with its cash from operations to ensure and support continued business operations. According to the court filings Bank of America will serve as administrative agent for the DIP facility.

"Beaulieu family members and our board of managers believe pursuing a restructuring through chapter 11 is the best path forward at this time," said Michael Pollard, President of Beaulieu Group LLC.  "We have evaluated alternatives to address Beaulieu's capital structure, and believe that restructuring through the chapter 11 process will best position all of Beaulieu Group LLC's businesses for future success."

"This is a necessary process as we continue to execute our long-term strategic plans for the business. Our business model has changed with the industry and our client base since our current capital structure was put into place," continued Pollard. "This restructuring will allow us to invest in the business going forward and emerge a stronger organization. We remain steadfast in our commitment to our customers and employees throughout this process.  I am confident that we have the talented and committed team capable of executing the reorganization plan. We appreciate the support of our vendors and customers as we move through this process."

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