Mackinac Partners is pleased to announce the restructuring of PlayPower Holdings, Inc., the world’s largest, fully integrated manufacturer of commercial playground equipment and floating dock systems. PlayPower completed a consensual restructuring with its lenders to extend maturities and eliminate approximately $145 million of debt. In connection with the restructuring, the Company received $45 million in new capital and certain of the lenders provided a new working capital facility.
Mackinac Partners’ Senior Managing Director, Keith Maib, has served as the Company’s interim Chief Financial Officer since September 1, 2010.
“We are very pleased to have reached an agreement with 100% of our lenders,” stated Greg Schreiber, PlayPower’s CEO. “Our new capital structure, combined with healthy financial performance and a reduced cost structure lay the foundation for long term growth and provide PlayPower with the operating and financial flexibility to support our business strategies and future growth opportunities. The Mackinac team provided strong leadership and technical know how and were integral to our successful completion of this restructuring.”
Miller Buckfire & Co., LLC and Mackinac Partners, LLC served as financial advisors to PlayPower and Willkie Farr & Gallagher LLP served as legal counsel to PlayPower. Wachtell, Lipton, Rosen & Katz LLP served as legal counsel to the Company’s new equity holder. Imperial Capital, LLC served as financial advisor to the Administrative Agent under PlayPower’s secured loan facility and Paul Hastings Janofsky & Walker, LLP acted as counsel to the Administrative Agent.