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Ascendia Seeking Additional Capital, Appoints Adviser

Ascendia Brands, Inc. announced that it has commenced negotiations with its lenders and is actively seeking additional capital to address current and future liquidity needs.

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By: Jamie Matusow

Editor-in-Chief

Ascendia Brands, Inc. announced that it has commenced negotiations with its lenders and is actively seeking additional capital to address current and future liquidity needs. The company also revealed that it has entered into an agreement with Carl Marks Advisory Group LLC to provide financial, operating and restructuring advisory services.

According to the company, Carl Marks will assist Ascendia examine ways to restructure its business operations, reduce costs, increase operating income and margins, rationalize production and distribution and generate increased cash flow.

Ascendia anticipates that its current cash and cash equivalents, together with cash flow expected to be generated from operations and available credit facilities, if any, may not be sufficient to meet its operating requirements for the forthcoming 12 months.

In November 2005, Ascendia expanded its range of product offerings through the acquisition of a series of brands, including Baby Magic, Binaca, Mr. Bubble and Ogilvie, and in February 2007 it acquired the Calgon and The Healing Garden brands. The company is headquartered in Hamilton, NJ, and operates two manufacturing facilities—in Binghamton, NY, and Toronto, Canada.


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