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NexCen CEO resigns, company restructures debt
August 17, 2008
NEW YORK — NexCen Brands Inc., which franchises Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker and Great American Cookies, has announced that Robert W. D'Loren has resigned as chief executive officer and as a member of the company's board of directors. Kenneth J. Hall, currently executive vice president, chief financial officer and treasurer, has been appointed CEO.
Hall has more than 25 years of operating, strategic and financial leadership experience across a variety of industries.Prior to joining NexCen, he served as CFO and treasurer of Seevast Corp, an online-media holding company comprised of ad networks, Pulse 360 and Kanoodle, as well as a domain asset-management company, Moniker, for which Hall led the successful sale.
Hall holds a B.S. in finance from Lehigh University and an M.B.A. from Golden Gate University. He is a member of the National Association of Corporate Directors.The company plans to commence a search for a new CFO.
Amends credit agreements with lender
NexCen also announced that the company, and its subsidiaries who are borrowers under the facility, completed a restructuring of its bank credit facility by entering into amended and restated borrowing, security and related agreements with BTMU Capital Corp.
The amended and restated agreements replace all of the prior bank credit agreements and significantly revise the terms of the outstanding borrowings, which total $175.7 million. No additional borrowings are permitted, and the facility remains secured by substantially all of the assets of the borrower subsidiaries.
NexCen also owns and licenses the Bill Blass and Waverly brands, as well as franchised retail footwear and accessories brands The Athlete's Foot and Shoebox New York in addition to its quick-service restaurants.
Read also, NexCen Brands provides business update and NexCen future on shaky ground.
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