TUESDAY MORNING CORP/DE: going-concern / distress — Tuesday Morning files Chapter 11, secures up to $51.5M DIP financing; equity likely worthless

TUESDAY MORNING CORP/DE

Filed Chapter 11 on Feb 14, 2023; operates as debtor-in-possession under Bankruptcy Court.
DIP term loan facility up to $51.5M: $15M initial, $26.5M incremental, $10M delayed draw; 12.75% interest.
Existing common stock expected to be cancelled; holders likely receive no recovery through Chapter 11.
Proceeds used to fund Chapter 11 cases, working capital, and repay prepetition debt as per court orders.

item 1.01 item 1.03 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

TUESDAY MORNING CORP/DE entered chapter 11 in United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (petition 2023-02-14).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division
Petition: 2023-02-14

Exact text from the filing

as previously disclosed, on February 14, 2023, Tuesday Morning Corporation (the “Company”) and certain of its direct and indirect subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (the “Bankruptcy Court”). The Chapter 11 Cases are being administered jointly under the caption “In re: Tuesday Morning Corporation, et. al., Case No. 23-90001”.

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Source: SEC EDGAR

accession 0001104659-23-023292

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