Container Store Group, Inc.: going-concern / distress — Container Store files Chapter 11; prepackaged plan cancels common stock with no recovery

Container Store Group, Inc.

Filed Chapter 11 on Dec 22, 2024; expects to confirm plan within 35 days and emerge as private company.
Prepackaged plan: over 90% of term loan lenders support $40M new money DIP and $45M deleveraging.
DIP financing: $115M term loan ($40M new money + $75M conversion) and $140M ABL facility upsized by $40M.
Existing common stock canceled without consideration; all general unsecured claims paid in full.
Acceleration of ~$163M term loan and ~$80M revolver; enforcement stayed by bankruptcy.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Container Store Group, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas, Houston Division (petition 2024-12-22).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas, Houston Division
Petition: 2024-12-22

Exact text from the filing

on December 22, 2024 (the “Petition Date”), the Debtors commenced voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-24-131067

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