Hancock Secures $100M Exit Financing Deal With GE

Law360, New York (April 10, 2008, 12:00 AM EDT) -- Hancock Fabrics Inc. has brokered an exit financing deal with General Electric Capital Corp., which has agreed to provide the bankrupt fabric company with a revolving credit line of up to $100 million.

In court documents filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Hancock asked for court approval of the deal, saying GE had offered the most competitive terms for the debtors out of a slew of bids received.

The financing agreement also includes a letter of credit subfacility of up...
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