The troubled company announced Friday that through an agreement with its lender, BTMU Capital Corp., it has extended its original forbearance period from July 17 to Aug. 8 and hopes to announce restructuring plans of its loan facility by that date. The conditions of the new agreement will also grant the company access to additional cash to fund business operations.
Last month, in an effort to alleviate a sizeable debt incurred through the acquisition of Great American Cookies, the company announced it had reached an agreement with BTMU that granted the company near-term access to additional funds, as well as forbearance from certain defaults, ending July 17. The idea of selling off certain NexCen brands, including Bill Blass, have also been entertained by the company, though nothing has been confirmed.
“We are gratified by the ongoing support of our lender as we work together to develop a long-term financing solution for NexCen,” said NexCen CEO Robert D’Loren in a statement. “Importantly, the progress we have made in working with our lender toward the restructuring of our credit facility enables us to continue implementing our operating plans for both our license and franchise businesses.”