Joann Sees Chapter 11 Bankruptcy Complete as Early as Late April

Joann and certain of its affiliates have initiated voluntary prepackaged Chapter 11 cases in the US Bankruptcy Court for the District of Delaware.

• Expects to complete this process on an expedited basis, as early as late April
• Following this process, Joann is expected become a private company owned by some lenders and industry parties
• Entered into a Transaction Support Agreement with a majority of its financial stakeholders and additional industry financing parties.
  • Gets commitments for about $132 million in new financing and related financial accommodations
  • Expects to reduce funded debt by about $505 million
• Parties have also agreed to a ...