Isagenix Completes Recapitalization Cutting About 170 Million in Debt; Investors Take Majority Stake
GILBERT, Ariz., April 17, 2023 --
Isagenix International said it completed the recapitalization contemplated by its February 27 Restructuring Support Agreement, eliminating about 130 million dollars of senior secured debt and about 40 million dollars of unsecured debt. Majority ownership transferred to an investor group including Arbour Lane Capital Management, Cerberus Capital Management, Crescent Capital Group and Summit House Capital Management.
Founders Jim and Kathy Coover retained minority ownership after contributing 95 million dollars of value through new cash and debt forgiveness. Chief executive Sharron Walsh said the company was positioned to innovate and reinvigorate the business under a stronger capital structure, with a new board of directors to be formed in coming weeks.
Gilbert, Arizona based Isagenix sells nutrition products for weight loss, performance and healthy aging through independent distributors in 24 markets.
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