February 19, 2018
In its first, and it says best, buyout offer to Cabela’s employees, Bass Pro is offering employees with 10 years of service or over 50 years old, two weeks of severance for every year plus a $40,000 bonus and a lifetime discount card and employees under 50 or with 10 or fewer years of service two weeks severance for each year plus $20,000 and a 10-year discount card.
Terms of the debt for equity swap by the company’s note holders will keep the existing asset based loan of $112 million in place with no paydown through the bankruptcy proceedings and also provide an additional $100 million in a new DIP facility from the First Lien holders and another $50 million from the Third Lien holders.
Sales jumped 24% at the Sumitomo subsidiary to ¥23.0 billion ($209.0 mm) in the fourth quarter driving operating income up 23% to ¥1.4 billion ($12.7 mm).
The 11,000-sq.-ft. facility is tasked with connecting Gore to companies in aerospace, automotive, digital health, consumer electronics, fabrics, industrial and medical with an initial project underway already to fund startup Krenzen to develop a digital bio-sensor monitoring system whose goal is to use predictive modeling to avoid injuries.