107
Fashion Jobs
ADIDAS
Director, Retail & Franchise
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Sustainable Sourcing Field Operations
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager, Adidas Golf
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
VF CORPORATION
Quality Engineer
Permanent · HANOI
JCPENNEY
Quality Engineer
Permanent · HO CHI MINH CITY
JCPENNEY
Quality Engineer
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
PUMA
Senior Executive Origin Logistics
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Affairs & Reputation Manager - Corporate Affairs & Engagement
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior E-Key Account Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Retail Design Visual Merchandising Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Assistant Key Account Manager - Consumer Products Division
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior Key Account Manager (o+o) - Consumer Products Division
Permanent · HO CHI MINH CITY
PROCTER&GAMBLE
Plant IT Operations Specialist
Permanent · BẾN CÁT
PROCTER&GAMBLE
Sales Manager
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Key Account Manager, Marketplace E-Com
Permanent · HO CHI MINH CITY
By
Reuters
Published
Jun 14, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

J. Crew Group value halved by debt restructuring deal

By
Reuters
Published
Jun 14, 2017

J. Crew Group Inc disclosed terms on Tuesday of a debt restructuring deal that would roughly cut in half the value of its nearly $567 million in bonds, as well as extend their maturity by two years, after receiving the backing of some key creditors.


The fashion retailer requested a deal that would give it more time to turn around its business - Photo: J. Crew




The move comes after it was reported last month that two investment firms, Blackstone Group LP's  GSO Capital Partners LP and Anchorage Capital Group LLC, were snapping up J. Crew's debt to facilitate such a deal.

The U.S. fashion retailer, facing a total debt load of $2.1 billion, asked creditors to agree to an out-of-court restructuring that would extend the maturity on bonds to 2021, which would give J. Crew more time to turn around its business and boost declining sales.

J. Crew has also asked for the withdrawal of a lawsuit seeking to block its move of its intellectual property to an affiliated company. The retailer plans to pay the separate company for the use of its brand, which was opposed by some of the term loan holders, spurring the lawsuit.

GSO and hedge fund Anchorage have already agreed to swap their bonds for the new ones and to end the lawsuit, according to Securities and Exchange Commission documents filed Tuesday and two people familiar with the deal.

The backing of these two creditors is important, because together they hold 28 percent of J. Crew's $1.5 billion term loan and 67 percent of the company's approximately $500 million in bonds, according to the filings and people.

J. Crew requires 95 percent of its bondholders to accept the deal, the company has said, and can also secure a waiver to any lawsuit from a group of creditors that have a majority position in its loan.

GSO and Anchorage however face opposition from another group of creditors led by Eaton Vance Management who have invested in the term loan and plan to block J. Crew's proposed restructuring, one of the people said.

That group is working on having lenders agree to a cooperation agreement to block the deal, that person said, without disclosing the size of the group's position in the debt.

The sources asked not to be identified because the matter is confidential. J. Crew did not immediately respond to a request for comment beyond what it has said publicly. Both GSO and Anchorage declined to comment. Eaton Vance did not immediately return a request for comment.


 

© Thomson Reuters 2024 All rights reserved.