NEW YORK NexCen Brands, the struggling parent of Maggie Moo’s and other treat brands, said Friday that it has restructured its lending arrangement after saying earlier this year that it faced a liquidity crisis. Separately, it reported that its chief executive, Robert D'Loren, has resigned and been replaced by chief financial officer Kenneth J. Hall.
NexCen has been working for months to restructure its debt agreement with lender BTMU Capital Corp. after revealing in May that it faced "near-term operating cash shortfall" with a $30 million principal payment due in October. That payment was related to NexCen's $93.7 million purchase of Great American Cookie Co. in January. The new debt agreement eliminates that payment and other principal payments for the rest of the year, NexCen said.
NexCen's restaurant portfolio includes Maggie Moo's, Marble Slab Creamery, Pretzel Time, Pretzelmaker, and Great American Cookies. The company also owns several retail brands, including Bill Blass and The Athlete's Foot.
