Benzinga | Jul 23, 2020 08:09AM EDT

J.Jill Announces Extended Forbearance; Respective Lenders Have Agreed Not To Exercise Any Rights And Remedies Until July 30, 2020 Under Certain Conditions

J.Jill, Inc. (NYSE JILL) ("the Company"), today announced that the Company and its lenders have further amended the Company's existing Forbearance Agreements, dated as of June 15, 2020 (the "Existing Forbearance Agreements") to extend the forbearance period, providing additional time for J.Jill and its lenders to complete negotiations. The forbearance period has been extended until July 30, 2020.

As previously announced, the Company entered into the two Existing Forbearance Agreements, as amended on July 15, 2020 (collectively with the further amendments, the "Forbearance Agreements") with the lenders under its ABL and term loan credit facilities. The Existing Forbearance Agreements are described in a Current Report on Form 8-K filed by the Company with the SEC on June 15, 2020, and available on the SEC's Edgar website as well as the Company's website, which includes the full text of the agreement as an exhibit.

Under the amendments to the Existing Forbearance Agreements, the respective lenders have agreed not to exercise any rights and remedies until July 30, 2020 so long as, among other things, the Company otherwise remains in compliance with its credit facilities and complies with the terms of the Forbearance Agreements.