A 24-inch water line was hit by the ShadowGlen and Presidential Meadows areas.
The company announced on Jan. 15 that it was seeking court approval in Delaware to begin the process of selling"substantially all of its assets,"“Since becoming a private company in April, the Board and management team have continued to execute on top- and bottom-line initiatives to manage costs and drive value,” said Michael Prendergast, the company's interim CEO, in a statement.
When that bankruptcy process became public, the company owed over $2.44 billion, with about $2.26 billion in assets. It's unclear if that debt had been paid down by the most recent filing, but Joann officials did note in their announcement that they company was seeking court approval to use cash collateral to ensure it had"the liquidity necessary to support its operations."
The company, which was founded back in 1943, previously went private in 2011 — when it was purchased by equity firm Leonard Green & Partners for about $1.6 billion. A decade later Joann, still majority owned by Leonard Green & Partners, went public in an initial public offering at $12 a share.KVUE would like to send you push notifications about the latest news and weather.
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