Anvil Eliminates $200 M in Debt with Financial Restructuring
New York-based apparel maker Anvil Holdings recently announced it has completed a successful financial restructuring of its capital structure, which has eliminated approximately $200 million in debt and preferred stock in exchange for new equity and warrants. The company expects to close on all transactions necessary to consummate the restructuring by Feb. 5.
CEO Anthony Corsano, said, “Our new financial structure will allow us to compete more successfully, and will also facilitate our plans for short and long-term growth with new facilities, new brands and new styles. We are very excited about our future.”
In addition, the company has constructed a new state-of-the-art textile facility in Honduras. “We are proud of our facilities, and anticipate that they will allow us to compete very effectively in the world market,” added Corsano.
“Despite Asian competition, apparel deflation and the domestic industry’s transition to Central America, Anvil has done a spectacular job of maintaining its revenue base over the last decade,” noted Mary Gilbert, head of fixed income research for Imperial Capital. “The restructuring gives Anvil the financial flexibility to take advantage of growth opportunities
Anvil is planning future announcements regarding its role in the evolution of the T-shirt from underwear to fashion wear, as well as the company’s long-time involvement in matters of environment sustainability.
For more information, call (212) 300-2142 or visit www.anvilknitwear.com.