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Joe's Jeans Inc. Message Board

sandollor2000 5 posts  |  Last Activity: Jun 23, 2015 4:55 PM Member since: Oct 6, 2000
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  • Reply to

    Good news?

    by adovero81 Apr 29, 2015 4:43 PM
    sandollor2000 sandollor2000 Apr 30, 2015 3:45 PM Flag

    Item 1.01 Entry into a Material Definitive Agreement.
    On April 23, 2015, Joe's Jeans Inc., a Delaware corporation (the "Company"), and Joe's Jeans Subsidiary, Inc. and Hudson Clothing, LLC, both wholly-owned subsidiaries of the Company, as "Borrowers" (the "Borrowers"), and certain of its subsidiaries party thereto, as "Guarantors," entered into the Amendment No. 2 to Revolving Credit Agreement (the "Amendment") with The CIT Group/Commercial Services, Inc., as administrative agent and collateral agent ("CIT"). The Amendment amends the Revolving Credit Agreement, dated as of September 30, 2013 (the "Revolving Credit Agreement"), by and among the Borrowers, the Company, certain subsidiaries of the Company party thereto, CIT, CIT Finance LLC, as sole lead arranger and sole bookrunner, and the lenders party thereto.

    The Amendment modified the definition of "Eligible Accounts" to include, until June 30, 2015, 55% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates and after June 30, 2015, 45% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates In addition, the default rate under the Revolving Credit Agreement was increased to two percent. Previously, due to the defaults under the Revolving Credit Agreement and term loan agreement, we were paying a default rate of one percent additional interest. We are currently in default of our obligations under the Revolving Credit Agreement and term loan agreement among the Company, the Borrowers, the guarantors party thereto, Garrison Loan Agency Service LLC, as term loan agent ("Garrison") and the lenders party thereto (the "Term Loan Agreement"). We are in discussions with Garrison and CIT regarding a resolution to the defaults. There can be no assurance that that the requested relief will be granted on terms acceptable to us or at all. Unless we are able to secure a waiver, Garrison and CIT under the Term Loan Agreement and Revolving Credit Agreement are entitled to, among other things, accelerate the outstanding amounts under those agreements. Any such acceleration under our credit facilities would have a material adverse effect on our liquidity, financial condition and results of operations, and could cause us to become bankrupt or insolvent, if not resolved.

    The foregoing descriptions of the Revolving Credit Agreement and the Amendment do not purport to be complete and are subject to, and qualified, in their entirety by, the full text of the Revolving Credit Agreement, which is attached hereto as Exhibit 10.1, and the Amendment, which is attached hereto as Exhibit 10.2, each of which is incorporated herein by reference.

    Item 1.01 Entry into a Material Definitive Agreement.
    On April 23, 2015, Joe's Jeans Inc., a Delaware corporation (the "Company"), and Joe's Jeans Subsidiary, Inc. and Hudson Clothing, LLC, both wholly-owned subsidiaries of the Company, as "Borrowers" (the "Borrowers"), and certain of its subsidiaries party thereto, as "Guarantors," entered into the Amendment No. 2 to Revolving Credit Agreement (the "Amendment") with The CIT Group/Commercial Services, Inc., as administrative agent and collateral agent ("CIT"). The Amendment amends the Revolving Credit Agreement, dated as of September 30, 2013 (the "Revolving Credit Agreement"), by and among the Borrowers, the Company, certain subsidiaries of the Company party thereto, CIT, CIT Finance LLC, as sole lead arranger and sole bookrunner, and the lenders party thereto.

    The Amendment modified the definition of "Eligible Accounts" to include, until June 30, 2015, 55% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates and after June 30, 2015, 45% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates In addition, the default rate under the Revolving Credit Agreement was increased to two percent. Previously, due to the defaults under the Revolving Credit Agreement and term loan agreement, we were paying a default rate of one percent additional interest. We are currently in default of our obligations under the Revolving Credit Agreement and term loan agreement among the Company, the Borrowers, the guarantors party thereto, Garrison Loan Agency Service LLC, as term loan agent ("Garrison") and the lenders party thereto (the "Term Loan Agreement"). We are in discussions with Garrison and CIT regarding a resolution to the defaults. There can be no assurance that that the requested relief will be granted on terms acceptable to us or at all. Unless we are able to secure a waiver, Garrison and CIT under the Term Loan Agreement and Revolving Credit Agreement are entitled to, among other things, accelerate the outstanding amounts under those agreements. Any such acceleration under our credit facilities would have a material adverse effect on our liquidity, financial condition and results of operations, and could cause us to become bankrupt or insolvent, if not resolved.

    The foregoing descriptions of the Revolving Credit Agreement and the Amendment do not purport to be complete and are subject to, and qualified, in their entirety by, the full text of the Revolving Credit Agreement, which is attached hereto as Exhibit 10.1, and the Amendment, which is attached hereto as Exhibit 10.2, each of which is incorporated herein by reference.

    Item 1.01 Entry into a Material Definitive Agreement.
    On April 23, 2015, Joe's Jeans Inc., a Delaware corporation (the "Company"), and Joe's Jeans Subsidiary, Inc. and Hudson Clothing, LLC, both wholly-owned subsidiaries of the Company, as "Borrowers" (the "Borrowers"), and certain of its subsidiaries party thereto, as "Guarantors," entered into the Amendment No. 2 to Revolving Credit Agreement (the "Amendment") with The CIT Group/Commercial Services, Inc., as administrative agent and collateral agent ("CIT"). The Amendment amends the Revolving Credit Agreement, dated as of September 30, 2013 (the "Revolving Credit Agreement"), by and among the Borrowers, the Company, certain subsidiaries of the Company party thereto, CIT, CIT Finance LLC, as sole lead arranger and sole bookrunner, and the lenders party thereto.

    The Amendment modified the definition of "Eligible Accounts" to include, until June 30, 2015, 55% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates and after June 30, 2015, 45% of the aggregate Eligible Accounts owing from Nordstrom and its Affiliates In addition, the default rate under the Revolving Credit Agreement was increased to two percent. Previously, due to the defaults under the Revolving Credit Agreement and term loan agreement, we were paying a default rate of one percent additional interest. We are currently in default of our obligations under the Revolving Credit Agreement and term loan agreement among the Company, the Borrowers, the guarantors party thereto, Garrison Loan Agency Service LLC, as term loan agent ("Garrison") and the lenders party thereto (the "Term Loan Agreement"). We are in discussions with Garrison and CIT regarding a resolution to the defaults. There can be no assurance that that the requested relief will be granted on terms acceptable to us or at all. Unless we are able to secure a waiver, Garrison and CIT under the Term Loan Agreement and Revolving Credit Agreement are entitled to, among other things, accelerate the outstanding amounts under those agreements. Any such acceleration under our credit facilities would have a material adverse effect on our liquidity, financial condition and results of operations, and could cause us to become bankrupt or insolvent, if not resolved.

    The foregoing descriptions of the Revolving Credit Agreement and the Amendment do not purport to be complete and are subject to, and qualified, in their entirety by, the full text of the Revolving Credit Agreement, which is attached hereto as Exhibit 10.1, and the Amendment, which is attached hereto as Exhibit 10.2, each of which is incorporated herein by reference.

  • Reply to

    Good news?

    by adovero81 Apr 29, 2015 4:43 PM
    sandollor2000 sandollor2000 May 1, 2015 9:41 AM Flag

    LOl, well you got the point and I agree, not much has changed.

  • sandollor2000 by sandollor2000 May 4, 2015 4:34 PM Flag

    How pretty is Joes/Hudson going to look in pink?

  • sandollor2000 by sandollor2000 May 26, 2015 1:52 PM Flag

    The questions of will they find new financing, new management or have a reverse stock split and finding a buyer who thinks the company is worth saving? Are all questions are blowing in the wind.

  • sandollor2000 sandollor2000 Jun 23, 2015 4:55 PM Flag

    There more rabbits in the hat, they haven't pulled one out yet.

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