FRAN - Francesca receives First Day Motions court approval for ongoing operations

Francesca's (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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Francesca receives First Day Motions court approval for ongoing operations