Ascena said Monday that the plan, which contains a modified restructuring support agreement, has the support of about 95 percent of the company`s secured lenders and will reduce debt by about US$1 billion by $1.3 billion. The plan confirmation hearing is scheduled for October 23. Other information about ascena retail group, inc. You will find: ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com, outlet.loft.com, louandgrey.com, lanebryant.com, Catherines.com and shopjustice.com. The plan, which contains a modified restructuring support agreement and aims to reduce the retailer`s debt by about $1.3 billion, is backed by about 95 percent of its secured lenders. The hearing, which is considering confirmation of the plan, is currently scheduled to begin on October 23. “The significant progress we have made in driving sustainable growth, improving our operating margins and strengthening our financial base has been severely disrupted by the COVID-19 pandemic. That`s why today we took a strategic step forward to protect the future of the business for all our stakeholders,” said Carrie Teffner, Interim Executive Chairman of ascena. “RSA formalizes our lenders` massive support for a comprehensive plan to relieve the debt on our balance sheet, the correct size of our business and the provision of new capital into the company. With cash from our day-to-day operations and the new funding pledges we have received from our lenders, we expect to have sufficient liquidity to meet our operational commitments during the process under judicial review. We believe we will go through this process in an accelerated timeframe, as our talented management team, established last year, continues to focus on profitable growth and increasing value for customers and stakeholders. Kirkland & Ellis LLP is the company`s legal counsel and Alvarez and Marsal Holdings, LLC is the company`s legal advisor.
Guggenheim Securities, LLC is the company`s financial advisor. In the event of the invalidity, illegality or unenforceability of any provision or obligation arising from this Agreement in any jurisdiction, the validity, legality and enforceability of the other provisions or obligations or of such provision or obligation shall in no way affect or compromise in any other jurisdiction. This Agreement includes the final and complete integration of all prior declarations by the Parties concerning the subject matter of this Agreement and represents the entire agreement between the Parties concerning the subject matter of this Agreement and supersedes all previous agreements, either orally or in writing. . . .