Can They Do A J Crew?
One question that we frequently get asked these days is whether a particular provision, or a bond or loan agreement in general, allows a company to “do a J Crew?” Q1 2021 hedge fund letters, conferences and more How J Crew Moved Value Away From LendersIn a new report, Xtract Research looks at how J Crew and other companies have used weaknesses in their covenants to move value away from lenders and bondholders. Highlights from the report include: There are lots of ways for a company to move assets out of the restricted group, and so it’s important not to focus just on baskets dedicated to unres...