Ceridian(US:DAY) Prnewswireยท2024-09-11 22:30Core Viewpoint - Big Lots, Inc. has received interim court approval for its voluntary Chapter 11 proceedings, allowing access to $707.5 million in postpetition financing to support ongoing operations and a sale transaction with Nexus Capital Management LP [1][2][5]. Group 1: Financial and Operational Updates - The court granted interim approval for the company to access a portion of its $707.5 million postpetition financing facilities, which, along with cash from ongoing operations, is expected to provide sufficient liquidity [2]. - The interim relief allows the company to continue paying employee wages and benefits, as well as making payments to critical vendors under normal terms for goods and services delivered post-filing [3]. - A "second day" hearing is scheduled for October 9, 2024, to consider the company's requested relief on a final basis [3]. Group 2: Restructuring and Sale Process - Big Lots has entered into a sale agreement with Nexus, which will acquire substantially all of the company's assets and ongoing business operations [5]. - Nexus will act as the "stalking horse bidder" in a court-supervised auction process, with the transaction subject to higher offers and court approval, anticipated to close in Q4 2024 if Nexus is the winning bidder [6]. Group 3: Company Commitment and Vision - The CEO emphasized the company's focus on delivering extreme value to customers and expressed optimism about emerging from the restructuring process as a stronger, more efficient company [4]. - Big Lots aims to help customers "Live BIG and Save LOTS" through its sourcing strategies that focus on closeouts, liquidations, and value-engineered products [9].