Simpson Thacher is representing JPMorgan Chase Bank, N.A. as Prepetition ABL Agent and DIP Agent in connection with the Chapter 11 Bankruptcy of Conn’s, Inc., a retailer of home goods with stores across 15 states. The Conn’s debtors filed voluntary petitions for relief before the United States Bankruptcy Court for the Southern District of Texas (Houston Division) on July 23.
JPMorgan, on behalf of the ABL Lenders, negotiated to provide DIP financing consisting of a senior secured superpriority, priming debtor-in-possession ABL credit facility to fund Conn’s chapter 11 cases. The DIP facility includes new money loans and a repayment and refinancing of the prepetition ABL obligations through a creeping rollup during the cases.
Conn’s is a specialty retailer of home goods, including furniture, appliances and consumer electronics. Conn’s offers flexible payment alternatives through proprietary in-house credit programs and third-party financing platforms.
The Simpson Thacher team includes Elisha Graff and Zachary Weiner (Restructuring); and Brandan Still, Brandon Barton, Caroline Toohey and Arthur Kopilevich (Credit).