Choate Represents Bank of America in J. Crew Bankruptcy
Choate represents Bank of America in connection with the bankruptcy proceeding of J. Crew Group. On Monday, May 4, 2020, J. Crew Group filed a Chapter 11 proceeding in the US Bankruptcy Court in Richmond, Virginia. In connection with the filing, Choate helped guide Bank of America in its capacity as Agent of a $375,000,000 asset-based revolving credit facility through the initial filing of the cases and the negotiation of consensual use of cash collateral. J. Crew is the first large retailer to file bankruptcy since the onset of COVID 19 and the national stay at home orders took effect. Choate and Bank of America successfully navigated uncharted waters during the initial phase of the cases. Kevin Simard and Jen Fenn led the team with litigation support from Mark Edgarton, Caila Heyison and Saige Oftedal.