June 28, 2017 / 3:33 PM / 3 months ago

Judge shoots down challenge to J. Crew debt deal

June 28 (Reuters) - A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile.

The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J. Crew’s junior creditors.

The deal buys J. Crew an additional two years to turn its business around in the face of flagging sales and competition from e-commerce. (Reporting by Jessica DiNapoli in New York; Editing by Chizu Nomiyama)

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