NEW YORK, United States — J. Crew Group Inc. and the agent to its $1.57 billion term loan face a new lawsuit from funds affiliated with Eaton Vance Corp. and Highland Capital Management over the transfer of the retailer’s trademark assets.
The lawsuit, filed in New York State Supreme Court on Thursday, seeks to find that a majority of lenders under the term loan violated the terms by directing the loan’s agent, Wilmington Savings Fund Society FSB, to take certain actions.
Eaton Vance funds hold around $100 million of the term loans, and Highland funds about $61 million, according to the filing.
By Tiffany Kary and Chris Dolmetsch; editors: Nikolaj Gammeltoft, Kenneth Pringle and Rick Green.