The US Bankruptcy Court approved the fifth amended joint plan of reorganization of Ascena Retail Group, Inc. on February 25, 2021. The debtor has filed its fifth amended joint plan in the Court on February 22, 2021. As per the amended plan, administrative claims, professional fee claims, priority tax claims in the range of $35 million-$40 million, other priority claims and other secured claims will be paid full in cash. DIP ABL Facility Claims will be paid full in cash or pro rata share of participation in the Exit ABL Facility and DIP Term facility claims will be paid through loans arising under the First Out Exit Term Loan Facility in an amount equal to such holders’ Allowed DIP Term Facility Claim and cash on account of accrued and unpaid interest and other charges payable. ABL Claims shall be paid in full in cash and replacement or cash collateralization of all issued and undrawn letters of credit in the amounts specified under the ABL credit agreement or delivered the collateral securing its ABL claim. Term loan claims of $1.27 billion shall receive, to the extent the debtor consummate the sale transaction on or prior to the effective date, each holder of an term loan claim shall receive its pro rata share of the net lender distributable cash. To the extent the debtors do not consummate the sale transaction on or prior to the effective date, each holder of term loan claim shall receive its pro rata share of the loans arising under the second out exit term loan facility; 55.1% of the new common stock less the percentage of new common stock distributed as the equity premium, subject to dilution on account of the management incentive plan; and the excess cash. General unsecured claims are in the range of $700 million-$800 million with a recovery range of 1.1%-1.3%. Intercompany claims and interests will be reinstated and interests in Ascena will be cancelled. The plan will be funded through cash in hand, sale of assets, exit ABL facility up to $400 million, First out exit term loan facility, Second out exit term loan facility and issuance of new common stock.