Executives at David’s Bridal Inc. have hired restructuring advisers at Evercore Inc. and legal counsel at Debevoise & Plimpton to help turn around the budget-priced business, Bloomberg News reported. The chain also appointed a new chief executive officer, Scott Key, according to a statement on Friday. Some holders of first lien term loans have been working with advisers from law firm Jones Day and investment bank Greenhill & Co., according to two more people, and some bondholders are working with Houlihan Lokey as a financial adviser. The chain owes creditors about $762 million, with the bulk due in October 2019. Bonds issued by David’s trade for half their face value, with Moody’s Investors Service and S&P Global Ratings cutting the company’s credit rating deeper into junk earlier this year on concern that it’s headed for a distressed-debt exchange.
