Glenn Agre, with co-counsel Gibson Dunn, secured a significant recovery for an ad hoc group of Term Loan Lenders in Joann Inc.’s Chapter 11 cases. The fabric and crafts retail giant filed Chapter 11 on January 15, 2025, with a stalking horse bid that offered the Term Loan Lenders no recovery and sale procedures that blocked competitive bidding.
Glenn Agre took a multifaceted approach to protect the Term Loan Lenders’ interests. On the litigation front, Glenn Agre contested Joann’s bidding procedures and cash collateral motions under a highly expedited schedule. After strengthening the Term Loan Lenders’ case through these litigation efforts, Glenn Agre cemented a partnership with Great American Group to jointly bid on Joann’s assets. The Term Loan Lenders contributed a credit bid to Great American’s cash bid, and the joint bid was ultimately declared the winner following a two-day auction. This creative dealmaking, led by Andrew Glenn, resulted in a major recovery for the Term Loan Lenders that seemed highly unlikely only a month prior.
The Glenn Agre team includes Andrew Glenn, Kurt Mayr, Trevor Welch, Agustina Berro, Malak Doss, Michelle Perez, Eric Wang, and Esther Hong.