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Crescent, Ares Take Over Savers Thrift Chain in Restructuring

Savers LLC, the biggest for-profit thrift-store chain in the U.S., reached a restructuring agreement that cuts its debt load by 40 percent and hands over the keys to Ares Management Corp. and Crescent Capital Group LP. The company’s board of directors approved the out-of-court restructuring, which includes refinancing a $700 million first-lien loan and lowering…

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