Reported 12 months ago
HPS Investment Partners LLC has successfully replaced the board of directors of bankrupt Redbox Entertainment Inc. and will arrange an $8 million loan for its parent company. The lenders led by HPS asserted that the board members were wrongfully terminated by the controlling shareholder, leading to a legal battle between the parties. Chicken Soup for the Soul Entertainment Inc., Redbox's owner, filed for bankruptcy, and now, HPS has secured a tentative deal to provide financial support and reinstate independent board members.
Source: YAHOO