Abstract: A captive panel fastener assembly for joining a panel to a sub-structure. The fastener assembly includes a sleeve bolt, a grommet assembly which is attached to the panel and a receptacle assembly which is attached to the sub-structure. The sleeve bolt passes through the grommet assembly and engages the receptacle assembly thereby joining the panel and the sub-structure. The bolt includes an enlarged head and a threaded shank with a pair of slots extending longitudinally along the outer periphery of the shank. A C-shaped ring is trapped in the grommet assembly and has a pair of inwardly extending ends riding in the slots.