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.
This story first appeared in the August 18, 2008 issue of WWD. Subscribe Today.
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.