Business

Stein World, based in Memphis, imports and distributes mid-priced accent furniture, including decorative chests, chairs, occasional tables and lamps. The Company is a leading provider of hand-painted accent furniture sold through the furniture store channel.

Client Objective

Stein World’s incumbent bank group financed the Company prior to its current ownership and managed the credit through an earlier restructuring. The bank group declined to support the Company with additional advances on its revolving credit facility or to renew the Company’s senior facility. Liquidity diminished and the Company needed to find supportive replacement senior financing to fund its operations.

Results

White Oak Group was engaged as financial advisor to assist the Company in its discussions with the incumbent bank group and advised on the restructuring and settlement on senior debt and securities. White Oak Group also advised the Company in reviewing its senior debt needs with a range of senior capital providers. The Company obtained a senior facility that paid off the incumbent bank group and provided additional liquidity to support the Company’s operating plan.

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