Republic National Distributing Co. (RNDC) which recently agreed to sell several markets to Reyes Beverage Group took another step toward stabilizing its business, securing an agreement with its lenders to provide significant additional financing. Terms weren't disclosed.

The company said the new capital will help support the Company’s operations as RNDC continues to align its organizational structure, operational capabilities, and portfolio focus to ensure executional excellence.

The news comes about 10 days after RNDC retained Lazard to explore its options amid plunging alcohol sales.

“We are pleased to have the continued support from our lending partners as we deliver against our priorities and pursue opportunities that strengthen our business and our role in the industry,” said Marc Sachs, President/CEO of RNDC. “We are committed to ensuring our business remains a strong, profitable, and valuable partner to all we serve, including our suppliers and customers. We are grateful for the patience and cooperation of our suppliers, the trust our customers place in us every day, and the dedication of our associates who deliver in the marketplace.”

At the time RNDC retained Lazard, Debtwire, an ION Analytics publication, reported three different unnamed sources said bankruptcy was one of the potential alternatives for the company. Presumptively, the additional financing plus the sale of several markets to Reyes eliminates that possibility, at least for the moment.