J. Crew Gets Interim Approval to Access $400m in DIP Financing

J.Crew Group received interim approval for all of the first day motions related to its Chapter 11 restructuring at the U.S. Bankruptcy Court for the Eastern District of Virginia.

• J.Crew Group granted access to a debtor-in-possession (DIP) financing facility of $400 million provided by existing lenders including Anchorage Capital Group, GSO Capital Partners and Davidson Kempner Capital Management
• The funding combined with the company’s projected cash flows will support its operations during the restructuring process
• Court has also authorized J.Crew to continue paying employee wages and benefits, as well as honor all customer programs
• J.Crew Group will pay vendors for ...