May 4, 2020 / 7:51 AM / 23 days ago

BRIEF-J.Crew Group Inc Voluntarily Commences Prearranged Chapter 11 Proceedings In U.S. Bankruptcy Court

May 4 (Reuters) - J.CREW GROUP, INC:

* ANNOUNCES COMPREHENSIVE AGREEMENT TO DELEVERAGE BALANCE SHEET AND POSITION J.CREW AND MADEWELL FOR LONG-TERM PROFITABLE GROWTH

* RECEIVES SUPPORT OF KEY STAKEHOLDERS TO CONVERT APPROXIMATELY $1.65 BILLION OF COMPANY’S FUNDED DEBT TO EQUITY

* MADEWELL TO REMAIN PART OF J.CREW GROUP, INC.

* JCOMPANY HAS SECURED COMMITMENTS FOR A DEBTOR-IN-POSSESSION (“DIP”) FINANCING FACILITY OF $400 MILLION

* E-COMMERCE BUSINESSES, REPRESENTING MORE THAN 50% OF TOTAL REVENUES, CONTINUE TO OPERATE IN NORMAL COURSE

* COMPANY VOLUNTARILY COMMENCES PREARRANGED CHAPTER 11 PROCEEDINGS

* EXIT FINANCING PROVIDED BY EXISTING LENDERS ANCHORAGE CAPITAL GROUP, GSO CAPITAL PARTNERS AND DAVIDSON KEMPNER CAPITAL MANAGEMENT

* RETAIL STORES TO REOPEN AS COVID-19 PUBLIC HEALTH RESTRICTIONS LIFT

* RETAIL STORES TO REOPEN AS COVID-19 PUBLIC HEALTH RESTRICTIONS LIFT

* VOLUNTARILY COMMENCES PREARRANGED CHAPTER 11 PROCEEDINGS IN U.S. BANKRUPTCY COURT FOR EASTERN DISTRICT OF VIRGINIA

* LIBBY WADLE WILL CONTINUE IN HER ROLE AS CEO OF MADEWELL Source text for Eikon:

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