LL Flooring Holdings, Inc.: going-concern / distress — LL Flooring enters $130M debtor-in-possession credit facility after Chapter 11 filing

LL Flooring Holdings, Inc.

Company filed Chapter 11 on Aug 11, 2024; court approved DIP ABL credit facility on Aug 14.
DIP facility up to $130M, matures Oct 18, 2024; Agent is Bank of America.
Prepetition lenders were owed ~$99.1M in principal plus $10.6M in L/Cs.
Company warns equity holders likely receive little or no recovery.
Credit agreement includes milestones and minimum liquidity covenant of $30M.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

LL Flooring Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-08-11).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-08-11

Exact text from the filing

on August 11, 2024, the Company, together with certain of its direct and indirect subsidiaries (collectively, the “ Debtors ”), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).

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Source: SEC EDGAR

accession 0001193125-24-201357

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