Francesca receives First Day Motions court approval for ongoing operations

  • Francesca's (NASDAQ:FRAN) all "First Day" motions presented to the U.S. Bankruptcy Court for the District of Delaware on Dec.8, 2020 were approved on either an interim or final basis by the Court.
  • The approval permits the company to continue using its existing cash management system and customer programs, pay certain prepetition obligations and access $15M of its $25M debtor-in-possession financing facility.
  • Final hearing allowing interested parties to submit binding offers to acquire substantially all of the company’s assets is scheduled for Jan. 4, 2021.
  • "We intend to emerge from this process as a stable and competitive Company allowing us continue to focus on our omni-channel strategies, optimize our boutique fleet, broaden our customer reach with brand extensions and drive sustainable, profitable growth," CEO Andrew Clarke commented.
  • Currently, shares trading 59.6% higher pre-market.
  • Shares traded down 15% PM yesterday (Dec.8) on Nasdaq's ruling.

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