By Jessica DiNapoli
NEW YORK, June 13 (Reuters) – 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 move comes after Reuters 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. C…
Read the full article at: http://www.businessinsider.com/r-us-fashion-retailer-j-crew-launches-debt-restructuring-deal-2017-6