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JOANN (JOANQ) has issued an update.
On the designated Effective Date, the company successfully transitioned from a Debtor-in-Possession Credit Agreement to a new Exit Term Loan Credit Agreement, totaling roughly $153.7 million, which will mature by April 30, 2028. Additionally, the company restructured its asset-based credit facilities, extending the maturity date and adjusting the interest rates and financial covenants. In the process, all previous equity interests were canceled, and 100,000,003 shares of new common stock were issued to new equity holders. A board reshuffle also took place with the resignation of existing directors and the appointment of new ones, alongside the adoption of amended corporate governance documents. The company’s emergence from Chapter 11 was announced in a press release on the Effective Date.
See more data about JOANQ stock on TipRanks’ Stock Analysis page.
