(Bloomberg) -- EyeCare Partners LLC is nearing a deal that would slash its debt load while also providing it with fresh money from a group of creditors, according to people with knowledge of the situation. 

The deal would rework the creditor pecking order and calls for a debt exchange at discounted prices, said the people, who asked not to be identified discussing a private matter.

The Partners Group-backed network of eye-care doctor practices has been burning cash as it contends with rising costs due to inflation and a tight labor market. Its first-lien loan due in 2027 is quoted at about 54 cents on the dollar, according to data compiled by Bloomberg. 

The company has been working with Centerview Partners and Kirkland & Ellis, while a group of lenders are advised by Evercore and Gibson Dunn & Crutcher. Certain lenders last year signed a cooperation agreement — a pact designed to prevent infighting among creditors, Bloomberg reported. 

Messages left with the company, Evercore and Gibson Dunn were not returned, while a representative with Centerview declined to comment. 

An increasing number of troubled companies have taken advantage of distressed trading levels to slash their obligations. Earlier this week, City Brewing Co LLC cut a deal with lenders to raise fresh cash by shuffling assets into a new legal entity and borrowing against them. 

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