J.Jill (NYSE:JILL) has avoided filing for bankruptcy protection after a majority of its lenders and shareholders agreed to support an out-of-court financial restructuring deal.

J.Jill said late Friday it obtained more than 95% support from lenders to push back its debt maturities by two years until May 2024, and lenders also agreed to lend the retailer at least $15M.

If the out-of-court transaction had not obtained the required backing, J. Jill had agreed to file for bankruptcy with a prepackaged Chapter 11 reorganization plan.

J.Jill recently reported a Q2 adjusted loss of $0.31/share as total sales fell 49% Y/Y to $92.6M.


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