CONNS INC: going-concern / distress — Conn's Inc. files Chapter 11 bankruptcy with $530M+ debt; secures DIP financing

CONNS INC

Filed voluntary Chapter 11 petitions in Southern District of Texas on July 23, 2024.
Secured $5M new-money DIP term loan and $20M non-cash DIP loans from existing lenders.
Chapter 11 filing accelerated ~$386.8M ABL, $93M term loan, and $50M delayed draw term loan.
Company cautions common stock recovery is highly speculative; trading may bear little relation to actual recovery.

item 1.03 item 2.03 item 2.04 item 8.01 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

CONNS INC entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2024-07-23).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2024-07-23

Exact text from the filing

Conn’s, Inc. (“Conn’s”) and certain of its subsidiaries including Conn Appliances, Inc., Conn Credit Corporation, Inc., CAI Credit Insurance Agency, Inc., CAI Holding LLC, Conn Credit I, LP, New RTO, LLC, W.S. Badcock Credit I LLC, W.S. Badcock Credit LLC, W.S. Badcock LLC and Conn Lending, LLC (Conn’s, together with such subsidiaries, the “Company”), filed voluntary petitions for relief (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001193125-24-184837

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