J.Jill and its lenders amended the company’s existing forbearance agreements to July 23, 2020. According to an 8K filed with the SEC, the forbearance agreements are under an ABL facility for which CIT Finance is serving as administrative agent and a term loan agreement for which Jefferies Finance is serving as administrative agent. The original forbearance agreements were dated as of June 15, 2020.
“We remain engaged in productive discussions with our lenders, and today our lenders extended the forbearance period under the existing forbearance agreements, which provides additional time for us to complete negotiations,” Jim Scully, interim CEO of J.Jill, said. “We are making progress with the negotiations and expect a resolution soon.”
J.Jill entered into the two original forbearance agreements with the lenders under its ABL and term loan credit facilities. Under the amendments to the original forbearance agreements, the respective lenders have agreed not to exercise any rights and remedies until July 23 so long as J.Jill remains in compliance with its credit facilities and complies with the terms of the forbearance agreements.
J.Jill is an omnichannel retailer and women’s apparel brand.
Editor’s note: The original version of this article incorrectly stated that the forbearance agreement was extended to June 23, 2020, instead of the correct date of July, 23, 2020. It has been updated to correct the error. We apologize for the error.
