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A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side.

- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)

J.Jill Completes Out-of-Court Restructuring

Paul, Weiss advised sponsor Towerbrook Capital Partners in the successful out-of-court restructuring of its portfolio company J.Jill, Inc. Under the restructuring, J.Jill, a nationally recognized women’s apparel brand, restructured more than $230 million of outstanding term loan debt after the company received the support of term loan lenders representing more than 95% of aggregate outstanding claims on September 11. Term loan lenders agreed to extend term loan maturity to May 2024, provided a financial covenant holiday until the fourth quarter of 2021, and waived existing non-compliance with the terms of the company’s credit facilities. TowerBrook and certain co-investors provided the company with a new money junior debt investment of at least $15 million. Despite the ongoing challenges related to the pandemic, the restructuring is expected to provide J.Jill with the flexibility to meet its obligations and continue to execute on its business plan.

The Paul, Weiss team included, among others, restructuring partner Elizabeth McColm and counsel Sarah Harnett; corporate partners Thomas de la Bastide and Raphael Russo and counsel Jason Tyler and David Epstein; employee benefits partner Jean McLoughlin; and tax partner David Mayo.

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