(Bloomberg) – Tropicana Brands Group, facing liquidity crunch as delayed juice sales, is considering competitive offers for cash injection from lenders and newly debt new holders, according to people with knowledge of the situation.
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Offering a loan from TPG Angelo Gordon on the table, the people said, who asked for not to be named private discussions.
Some existing lenders to Tropicana are also controlled by Pai partners in discussions with the juice maker for a proposed debt repair which means new funding and restructuring existing obligations, the people added. Those creditors work under an agreement to negotiate with the company as a coherent unit, they said.
Such collaboration agreements have become commonplace in distressing debt markets as creditors try to claw the power of negotiation they have lost in recent years as demand for debt grows and their defenses erode. One result has been more stressed lenders using asset -moving movements away from existing creditors to raise new funding.
Delegates for TPG Angelo Gordon, a credit and real estate investment platform owned by the TPG alternative asset manager, refused to comment on the potential funding conversations. Tropicana, who did not respond, is advised in his debt repair efforts by PJT Partners Inc. He refused to comment.
Gibson Dunn, who advises the group of creditors, did not respond to a request for a comment.
Tropicana's debt includes a $ 1.8 billion first lien loan due in 2029 and a $ 450 million retractable re-top loan.
The decline of revenue threatens to be the ability of Tropicana to fund itself and serve those loans, the people said.
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