The maker of Zest soap and VO5 hair products, High Ridge Brands Co. and all of its subsidiaries, have filed for Chapter 11 bankruptcy as it looks for a buyer of its business. The company said it is currently in “active discussions” for a sale with interested bidders.

The company has secured $20 million in debtor-in-possession (DIP) financing from its existing lender base. High Ridge Brands said the DIP financing will be combined with cash from its operations to support the company through the sales process. The company current has $500 million in assets and at least $500 million of liabilities, Bloomberg reported.

High Ridge Brands has over 13 brands under its umbrella, including Zest, Alberto VO5, REACH, Firefly, Dr. Fresh, Coast, White Rain, LA Looks, Zero Frizz, Rave, Salon Grafix, Binaca, and Thicker Fuller Hair. It also has licensing agreements with the Star Wars, Batman, Spiderman, Hello Kitty, and Transformers brands.

Following its bankruptcy filing, High Ridge Brands said it expects to continue to service its customers and pay its vendors in full for all goods and services provided on or after Dec. 18. In addition, the company is seeking authority to continue to pay its employees and contractors wages and benefits. The company has about 140 employees and is currently awaiting court approval for the request.

"In the last two years, High Ridge Brands has made tremendous progress enhancing our global operations, investing in best-in-class innovation and expanding our branded personal care platform," Patricia Lopez, High Ridge Brands' CEO and president said in a statement.

"Following a thorough review of the options available to us, we have made the decision to execute a court-supervised sales process in order to maximize the value of our strong brands. As we move forward, we remain focused on our mission of crafting extraordinary experiences for savvy consumers through our hair care, skin cleansing and oral care products.

“We are committed to minimizing the impact on our employees, customers, vendors and other stakeholders throughout the sales process, and we thank them for their ongoing support,” she added.

Through the restructuring process, Benjamin Jones, senior managing director at Ankura Consulting Group will serve as High Ridge Brands chief restructuring officer. Debevoise & Plimpton LLP and Young Conaway are the company’s legal counsel while PJT Partners is the financial advisor.

High Ridge Brands U.K. business operations is not included in the bankruptcy filing.

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