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 >
GameStop Completes $2.14 Billion Share Offering
GameStop Completes $2.14 Billion Share Offering
Jun 11, 2024
04:55 PM EDT, 06/11/2024 (MT Newswires) -- GameStop ( GME ) said Tuesday it completed an at-the-market offering of 75 million shares of its common stock, with gross proceeds of roughly $2.14 billion. The net proceeds will be used for general corporate purposes, which may include acquisitions and investments, the company said. Shares of GameStop ( GME ) rose more...
Golub Capital Bdc Insider Bought Shares Worth $8,213,508, According to a Recent SEC Filing
Golub Capital Bdc Insider Bought Shares Worth $8,213,508, According to a Recent SEC Filing
Jun 11, 2024
04:57 PM EDT, 06/11/2024 (MT Newswires) -- David Golub, Director, Chief Executive Officer, on June 07, 2024, executed a purchase for 512,267 shares in Golub Capital Bdc ( GBDC ) for $8,213,508. Following the Form 4 filing with the SEC, Golub has control over a total of 7,368,213 shares of the company, with 125,388 shares held directly and 7,242,825 controlled...
What's Going On With GameStop Stock After-Hours?
What's Going On With GameStop Stock After-Hours?
Jun 11, 2024
GameStop Corp ( GME ) shares are trading higher after the bell Tuesday after the company announced it completed its previously disclosed at-the-market (ATM) equity offering program. The Details: GameStop ( GME ) announced it sold the maximum number of shares registered under the ATM program for aggregate gross proceeds of approximately $2.137 billion.  The company said it intends to...
Virtus Investment Partners Posts Sequential Increase in May Preliminary Assets Under Management
Virtus Investment Partners Posts Sequential Increase in May Preliminary Assets Under Management
Jun 11, 2024
04:57 PM EDT, 06/11/2024 (MT Newswires) -- Virtus Investment Partners ( VRTS ) said late Tuesday it had preliminary assets under management of $173.3 billion as of May 31, up from $170.1 billion at the end of April. In addition, the company said it provided services to $2.6 billion of other fee-earning assets, which are not included in assets under...
Copyright 2023-2025 - www.financetom.com All Rights Reserved