Neways Enterprises, a distributor of dietary supplements and personal-care products, has completed an out-of-court restructuring that leaves Z Capital Partners and S.A.C. Capital Advisors in control of the Springville, Utah-based company. Neways said Golden Gate Capital, which purchased a controlling stake in 2006, will continue to have an equity stake in the business.

Neways announced in November that it was in discussions with lenders to refinance debt. The company defaulted on about $235-250 million of debt in May last year, according to published reports.

Golden Gate purchased Neways in November 2006 for roughly $500 million, according to sources. To finance the buyout, Golden Gate obtained $360 million in senior secured loans from Jefferies and put up $150 million in equity, as reported previously by S&P LCD.

Jefferies closed the senior financing as a $15 million revolver, a $185 million, 4.5-year B term loan and a $160 million, five-year second-lien term loan. Leverage at closing was 1.9x through the first-lien tranches and 3.1x through the second-lien. – Kelly Thompson

Follow Kelly on Twitter @MMktDoyenne for middle-market financing news.