J.Crew Group has emerged from bankruptcy with its store portfolio mostly unchanged.
The apparel retailer on Thursday said it has completed its financial restructuring process and emerged from Chapter 11 well-positioned for long-term growth. The plan puts J. Crew’s lenders, led by Anchorage Capital Group (now the majority owner of the company), in control of the retailer through the conversion of some $1.65 billion in debt into equity. It also provides a $400 million exit facility and $400 million of new term loans.
In addition, the company has access to a new $400 million asset-based credit facility due in 2025 from Bank of America, N.A.
Source: Chain Storeage
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