NEW YORK, United States - Fashion retailer J. Crew Group Inc has won the support of more than 50 percent of its term loan holders for a deal to trim its $2 billion debt load and end intellectual property litigation, people familiar with the matter said Friday.
J. Crew had launched a debt restructuring deal targeting its term loan and unsecured bonds earlier this week to help it avoid bankruptcy by extending the deadline for debt payments. The deal already had support from major creditors GSO Capital Partners LP, the credit arm of buyout fund Blackstone Group LP, and hedge fund Anchorage Capital Group LLC.
The sources asked not to be identified ahead of an official announcement. J. Crew did not immediately return a request for comment.
By Jessica DiNapoli.