New Filings Put BFG Supply's Total Debt at $342.5 Million as Its Sale Process Continues
Detailed schedules filed alongside the horticulture distributor's bankruptcy financing request give the clearest picture yet of how much it owes, and to whom.
FinancialMarkets.com
BFG Supply Co., the Pamplona Capital Management-backed horticulture and lawn-and-garden distributor that filed for Chapter 11 bankruptcy on August 18, carries total funded debt of approximately $342.5 million, according to schedules filed alongside its request for debtor-in-possession financing.
BFG sought $55 million in superpriority debtor-in-possession financing, with a $22 million cap on borrowing before a final court order, to fund a sale process while the case proceeds. Its prepetition asset-based lender, ACF Finco I LP, had roughly $43 million outstanding on its revolving credit line at the time of filing. The company's term-loan lender, Ares Capital Corporation, had already marked its position as nonperforming roughly ten months before the filing, and unsecured trade creditors are projected to recover nothing once administrative expenses are paid.
The precise debt figure gives lenders, and anyone tracking Ares Capital's exposure to the case, a clearer baseline for what a sale needs to clear before unsecured creditors see any recovery at all. BFG's sale process remains active, and whatever bidder or outcome eventually emerges will be the next test of how much value is left in the capital structure once secured claims are satisfied.