Brief: Joann Says It Initiated Voluntary Prepackaged Chapter 11 Cases In U.S. Bankruptcy Court For District Of Delaware

Joann

18/03/2024 04:40

March 18 (Reuters) - Joann Inc  JOAN.O :
    * JOANN ENTERS INTO AGREEMENT TO REDUCE DEBT AND RECEIVE
$132
MILLION IN NEW CAPITAL AND RELATED FINANCIAL ACCOMMODATIONS WITH
STRONG SUPPORT OF KEY FINANCIAL AND INDUSTRY STAKEHOLDERS
    * EXPECTS TO REDUCE APPROXIMATELY $505 MILLION IN FUNDED
DEBT
    * COMPANY HAS RECEIVED COMMITMENTS FOR APPROXIMATELY $132
MILLION
IN NEW FINANCING AND RELATED FINANCIAL ACCOMMODATIONS
    * VENDORS, LANDLORDS AND OTHER GENERAL UNSECURED CREDITORS
ARE
UNIMPAIRED
    * COMPANY CONTINUES TO OPERATE AS USUAL
    * PARTIES HAVE ALSO AGREED TO A SIX-MONTH EXTENSION OF
COMPANY'S
EXISTING ABL AND FILO CREDIT FACILITIES
    * INITIATED VOLUNTARY PREPACKAGED CHAPTER 11 CASES IN U.S.
BANKRUPTCY COURT FOR DISTRICT OF DELAWARE
    * EXPECTS TO COMPLETE THIS PROCESS ON AN EXPEDITED BASIS, AS
EARLY
AS LATE APRIL 2024
    * COMPANY EXPECTS THAT JOANN WILL BECOME A PRIVATE COMPANY
OWNED
BY CERTAIN OF ITS LENDERS
    * SHARES WILL NO LONGER BE LISTED ON NASDAQ OR ANY OTHER
NATIONAL
STOCK EXCHANGE

Source text for Eikon:  ID:nGNX4s69vC 
Further company coverage:  JOAN.O 

 ((Reuters.Briefs@thomsonreuters.com;))