financetom
Business
financetom
/
Business
/
Joann Launches Voluntary Chapter 11 Cases to Cut Debt, Emerge as Private Company
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Joann Launches Voluntary Chapter 11 Cases to Cut Debt, Emerge as Private Company
Mar 18, 2024 2:34 AM

05:14 AM EDT, 03/18/2024 (MT Newswires) -- Joann ( JOAN ) said Monday it has launched voluntary prepackaged Chapter 11 cases in the US with the aim of completing the process as soon as late April and emerging as a private company.

The specialty retailer said it has agreed with most of its financial stakeholders and additional financiers for about $132 million in financing and expects a reduction of its funded debt by approximately $505 million.

The stakeholders also agreed to a six-month extension on certain credit facilities after the company emerges from the court-supervised process, it said.

The company and certain of its affiliates started the Chapter 11 cases in the US Bankruptcy Court for the District of Delaware. Its stores and website remain open and the company continues to operate normally, it said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Australia's Aurizon flags 200 job cuts, potential hit to full-year earnings
Australia's Aurizon flags 200 job cuts, potential hit to full-year earnings
May 26, 2025
(Reuters) -Australia's Aurizon Holdings ( QRNNF ) is looking to potentially cut 200 full-time job roles across its business after an ongoing assessment of its non-operational cost base, the rail freight operator said post trading hours on Tuesday. The firm had mentioned in its half-year results in February that it would implement additional efficiency improvements during the current calendar year....
Vietjet forms joint venture with Qazaq Air, will operate Boeing 737 jets
Vietjet forms joint venture with Qazaq Air, will operate Boeing 737 jets
May 26, 2025
HANOI, May 6 (Reuters) - Vietnamese budget airline Vietjet said on Tuesday it had bought a strategic stake in Kazakhstan's Qazaq Air to form a joint venture that will operate a fleet of at least 20 Boeing 737 aircraft. Vietjet said the joint venture, Vietjet Qazaqstan, was part of its international expansion plans. It didn't provide details about the size...
Grail Insider Sold Shares Worth $1,635,867, According to a Recent SEC Filing
Grail Insider Sold Shares Worth $1,635,867, According to a Recent SEC Filing
May 26, 2025
03:32 AM EDT, 05/06/2025 (MT Newswires) -- Joshua J. Ofman, President, on May 02, 2025, sold 48,213 shares in Grail (GRAL) for $1,635,867. Following the Form 4 filing with the SEC, Ofman has control over a total of 511,460 common shares of the company, with 511,460 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1699031/000169903125000107/xslF345X05/wk-form4_1746495858.xml ...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved