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Joe’s Jeans Receives Forbearance from Lenders

Joe’s Jeans has received forbearance agreements with CIT Commercial Services after defaulting last year on its term loan.

A filing with the Securities and Exchange Commission said that the parties originally entered into a revolving credit agreement on September 30, 2013. They have now extended the period to revolve their debt to October 15, 2015, when they will owe CIT a forbearance fee of $450,000.

A one-time extension of one month is permitted if no further defaults occur, with a supplemental forbearance fee of $125,000.

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