NexCen Accesses Short-Term Cash, Exploring Sale of Brands

NexCen Brands has announced it will provide its rather worried lender with monthly, rather than quarterly reports of operations and cash flow. It has obtained some short-term cash, and it has announed that a few companies are exploring the purchase of its Bill Blass and Waverly fashion brands.

New York-based NexCen said in a written statement Friday that its Bill Blass and Waverly brands have attracted “numerous expressions of interest” from domestic and international strategic and financial buyers, and NexCen is working with N.M. Rothschild & Sons to evaluate possible transactions. - Footwear News

In regards to its financial situation, the company announced on Friday:

NexCen Brands has entered into a letter agreement with its lender, BTMU Capital Corporation (BTMUCC), which provides the Company with near-term access to certain additional cash from its lockbox accounts and limited forbearance from certain alleged defaults under its bank borrowing facility. (NexCen Press Release)

The Athlete's Foot brand seems to be focusing on what they can control.

"It was still business as usual, according to Brian Smith, a spokesman who represents the franchise." - Footwear News