True Religion’s Exit Credit Facility

Choate represented Crystal Financial in the transaction.

Crystal Financial executed its exit asset-based credit facility to True Religion, the global denim and apparel brand.

The company successfully emerged from its chapter 11 bankruptcy in mid-October under a court-approved plan of reorganization, which enables the company to reduce its operating costs and significantly lower its debt, while also providing enough liquidity to execute on its growth plans during the next several years.

Under the plan, a group holding term loans of more than $65 million will accept 88% of the reorganized company’s equity.

Choate represented Crystal Financial with a team including William Griffin, Jonathan D. Marshall (Picture), Saige Jutras Oftedal, Katherine F. Reynolds, Rick Thide, and John F. Ventola.

Involved fees earner: William Griffin – Choate; Jonathan Marshall – Choate; Saige Jutras Oftedal – Choate; Katherine Reynolds – Choate; Rick Thide – Choate; John Ventola – Choate;

Law Firms: Choate;

Clients: Crystal Financial LLC;

Author: Ambrogio Visconti