Fabric and crafts retailerJoann Inc (NASDAQ:JOAN) shares are trading higher after the company and some of its affiliates have initiated voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. In connection with the recapitalization plan, the company has entered into a Transaction Support Agreement (TSA) with a majority of its financial stakeholders and industry financing parties. Joann has received commitments for about $132 million in new financing and related financial accommodations. Through the action, the company expects to reduce funded debt on i…