J. Crew Inc. (USA) announced today that it has reached a restructuring agreement with lenders. The company has filed for Chapter 11 banktruptcy protection.
A deal has been struck with lenders holding approximately 71% of its Term Loan and approximately 78% of its IPCo Notes, as well as with its financial sponsors, under which the Company will restructure its debt and deleverage its balance sheet, positioning J.Crew and Madewell for long-term success, the company said in a statement.
Key Points from the Agreement
- The company’s lenders will convert approximately $1.65 billion of the Company’s debt into equity.
- Madewell will remain part of J.Crew Group, Inc.
- Libby Wadle will continue in her role as CEO of Madewell.
