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J.Crew Group emerges from financial restructuring
12 Sep '20
1 min read
Pic: J Crew Group
The J.Crew Group in the United States recently announced it has successfully completed its financial restructuring process and emerged from Chapter 11—a form of bankruptcy that involves a reorganisation of a debtor's business affairs, debts and assets. It is well positioned for long-term growth after equitizing more than $1.6 billion of secured indebtedness.
The Anchorage Capital Group is now the majority owner of the J.Crew Group, an omni-channel retailer of women's, men's, and children's apparel, shoes and accessories. It operates 170 J.Crew retail stores, 142 Madewell stores, and 170 J.Crew Factory stores in nearly every state in the United States.
To support ongoing operations and future growth initiatives, the J.Crew Group is capitalised with a $400 million exit term loan due 2027 provided by Anchorage, GSO Capital Partners LP and Davidson Kempner Capital Management LP, among others, the company said in a press release.
In addition, the company has access to a new $400 million ABL credit facility due 2025 agented by Bank of America.
The Anchorage Capital Group is now the majority owner of the J.Crew Group, an omni-channel retailer of women's, men's, and children's apparel, shoes and accessories. It operates 170 J.Crew retail stores, 142 Madewell stores, and 170 J.Crew Factory stores in nearly every state in the United States.
To support ongoing operations and future growth initiatives, the J.Crew Group is capitalised with a $400 million exit term loan due 2027 provided by Anchorage, GSO Capital Partners LP and Davidson Kempner Capital Management LP, among others, the company said in a press release.
In addition, the company has access to a new $400 million ABL credit facility due 2025 agented by Bank of America.
Fibre2Fashion News Desk (DS)
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