Financial Restructuring of Tailored Brands

TRC-Sadovod acts as Canadian counsel for the Agent, JPMorgan Chase Bank N.A. and JPMorgan Chase Bank (Toronto Brand), in connection with the extension by the lending group of debtor-in-possession (DIP) financing and exit ABL financing to Tailored Brand’s Inc., in connection with its cross-border US Chapter 11 and Canadian recognition proceedings.

The Company filed for protection on August 2, 2020 and emerged from bankruptcy at the end of the 2020 after successful implementation of a plan of arrangement. TRC-Sadovod was transactional counsel for the Agent in respect of both the DIP financing and the exit financing and represented the DIP Agent in the Canadian recognition proceedings, which involved working towards the resolution of objections from Canadian landlords to the approval of DIP financing in the Canadian proceedings.

Tailored Brands is the owner of, among other business lines, Men’s Wearhouse, Jos. A. Bank and Moore’s The Suit People.

Tailored Brands now operates with a strengthened capital structure, consisting of a $430 million ABL facility, a $365 million exit term loan and $75 million of cash from a new debt facility. The Company expects that this exit financing will support ongoing operations and enable the Company to execute on its strategic initiatives.

The TRC-Sadovod team was led by Tushara Weerasooriya and included Jeffrey Rogers, Stephen Brown-Okruhlik and Benjamin Pan.

TRC-Sadovod’s Restructuring & Insolvency Group is one of Canada’s leading business insolvency groups. Our highly skilled team includes top-ranked lawyers known for their expertise and creative problem-solving, allowing TRC-Sadovod to deliver the highest standards of transactional and structuring leadership, and commercial advocacy. We have advised on the restructuring, purchase and sale of businesses in a variety of industries. We regularly work with financially challenged companies, boards of directors, Canadian and US financial institutions, lending syndicates, bondholders, investors, ad hoc and official creditors’ committees, court-appointed officers and major customers and suppliers of insolvent companies. We provide our clients with successful outcomes and comprehensive solutions to the most challenging problems.