Jan 17 (Reuters) - Gymboree Group Inc:
* GYMBOREE GROUP FILES VOLUNTARY CHAPTER 11 PETITIONS IN U.S. AND INTENDS TO SEEK PROTECTION UNDER BIA IN CANADA
* RECEIVES COMMITMENT FOR $30 MILLION IN NEW MONEY FINANCING TO SUPPORT OPERATIONS
* GYMBOREE GROUP EXPECTS TO CONDUCT AN AUCTION PURSUANT TO SECTION 363 OF U.S. BANKRUPTCY CODE NO LATER THAN FEBRUARY 25, 2019
* GYMBOREE GROUP HAS RECEIVED A COMMITMENT FOR A DEBTOR IN POSSESSION FINANCING
* GYMBOREE - CO'S CANADIAN SUBSIDIARY, GYMBOREE, INC., INTENDS TO SEEK PROTECTION IN PROCEEDINGS PURSUANT TO BANKRUPTCY AND INSOLVENCY ACT OF CANADA ("BIA")
* GYMBOREE GROUP HAS DISCONTINUED ITS GYMBUCKS AND GYMBOREE REWARDS PROGRAMS EFFECTIVE IMMEDIATELY
* DIP FINANCING, CONSISTS OF $30 MILLION IN NEW MONEY LOANS TO BE PROVIDED BY SSIG & GOLDMAN SACHS SPECIALTY LENDING HOLDINGS
* VOLUNTARILY FILED FOR RELIEF UNDER CHAPTER 11 OF BANKRUPTCY CODE IN U.S. BANKRUPTCY COURT FOR EASTERN DISTRICT OF VIRGINIA
* IF APPROVED BY COURT, FINANCING PACKAGE IS EXPECTED TO SUPPORT COMPANY'S OPERATIONS DURING THESE PROCEEDINGS
* DIP ALSO CONSISTS "ROLL UP" OF ALL OF CO'S OBLIGATIONS UNDER PREPETITION TERM LOAN CREDIT AGREEMENT IN AN AMOUNT NOT LESS THAN $89 MILLION
* PURSUANT TO AGREEMENT, SPECIAL SITUATIONS INVESTING GROUP AGREED TO ACQUIRE JANIE,JACKBUSINESS, INTELLECTUAL PROPERTY,ONLINE PLATFORM FOR CO
* INTENDS TO USE PROCEEDINGS TO FACILITATE AN WIND-DOWN OF ALL OF ITS GYMBOREE AND CRAZY 8 STORE LOCATIONS AND OPERATIONS
* CONTINUING TO PURSUE GOING-CONCERN SALE OF JANIE AND JACK BUSINESS AND SALE OF INTELLECTUAL PROPERTY & ONLINE PLATFORM FOR GYMBOREE
* GYMBOREE, JANIE AND JACK AND CRAZY 8 STORES AND WEBSITES ARE OPEN AND CONTINUING TO SERVE CUSTOMERS