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J.Crew Group Inc. said yesterday that it expects to emerge from chapter 11 in early September, after a bankruptcy court accepted its restructuring plan, Reuters reported. The plan, approved by a Virginia federal court, will equitize over $1.6 billion of secured debt, and provide for $400 million in asset-based loan as well as $400 million of fresh financial aid. The company was pressured by the virus outbreak to temporarily close its nearly 500 J. Crew, J. Crew Factory and Madewell stores, and also shelve its plans for an initial public offering of its Madewell business. In 2011, J. Crew was taken private by TPG and Leonard Green & Partners in a roughly $3 billion leveraged buyout. Years later in 2017, the retailer avoided bankruptcy in a deal with creditors that reduced total debt and pushed due dates on obligations.

A federal judge approved a plan that allows Thomas Health Systems to emerge from bankruptcy and keep open Thomas Memorial Hospital, the Charleston (W.Va.) Gazette-Mail reported. Employees keep their jobs under the restructuring plan Judge Frank Volk approved on Friday during a teleconference hearing slightly more than seven months after Thomas Health filed for chapter 11 protection. The health care system will emerge from bankruptcy with support from a $60.1 million bond sale that will help pay down $145 million in debts at a discounted rate from a 2008 bond sale and keep enough cash on hand for hospital operations. Judge Volk described it as a “resolution that preserved a health care entity that has had a long presence in this state” and protected the jobs of people working the front lines of the novel coronavirus pandemic. “Thomas is relied upon daily by not only those who are employed there, but also those who seek care within its walls,” he said. “That’s especially so, given the challenges we currently confront.” Judge Volk commended the involved parties for reaching a quick resolution. Thomas Health employs more than 1,650 people and serves about 275,000 patients annually.