Deals
J. Crew's Debt Swap Plan Already Faces Opposition
- Swap offer for 2019 PIK notes would use brand as collateral
- Retailer is asking lenders to drop brand-related litigation
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A move by J. Crew Group Inc. to tame its $2 billion debt load is already meeting resistance from creditors who’ve been battling the preppy clothing chain over control of its brand.
Almost immediately after J. Crew launched an offer to exchange its 2019 notes and persuade its lenders to drop pending litigation, dissenters holding the company’s term loans started to gather signatures for an agreement to oppose their portion of the deal, according to people with knowledge of the matter.