Robert D’Loren’s rocky tenure as chief executive officer of Bill Blass owner NexCen Brands Inc. has come to an end just as the firm managed to restructure its debt.
The company said Friday that D’Loren had resigned as ceo and as a board member. Kenneth Hall, executive vice president, chief financial officer and treasurer, was named to replace D’Loren as ceo. The firm will begin looking for a new cfo.
WWD on Friday reported speculation that D’Loren’s days at the firm could be numbered.
NexCen, which has been in financial straits since it was revealed in May that $30 million of the $70 million it borrowed to acquire Great American Cookie Co. Inc. had to be paid down in October, also said it restructured its bank credit facility with BTMU Capital Corp., giving it some much-needed financial breathing room.
The amended and restated financial agreements replace all of NexCen’s prior bank credit agreements and revise the terms on its $175.7 million of outstanding borrowings. The October payment related to Great American Cookie has been eliminated.
The firm’s outstanding loans have been restructured into three groups, with $47.6 million maturing in January 2010, $41.7 million in July 2011 and the remaining $86.3 million in July 2013.
“We are very pleased to have completed the restructuring of this bank credit facility with BTMUCC and are gratified by the ongoing support of our lender,” said Hall.
David Oros, chairman of NexCen, said Hall was well qualified for the corner office.
“Ken has been instrumental in completing the restructuring of the company’s financing arrangements and we are confident in his ability to lead NexCen as the company continues to execute the business restructuring plan initiated in May, which focuses on the franchising business,” said Oros.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive