Ascena entered into a restructuring support agreement with more than 68% of its secured term lenders. The prearranged financial restructuring plan is expected to significantly reduce Ascena's debt by about $1 billion. The next hearing is when Ascena hopes to get approval on the $150 million term loan from existing lenders. This financing, plus the company's cash flow from its businesses, according to the company, is seen as sufficient to meet its operational and restructuring needs. The company also reached an agreement with creditors to reduce its debt by $1 billion during the restructuring.