Goody's Clothing Gets $175M DIP Loan

Law360, New York (July 1, 2008, 12:00 AM EDT) -- Bankrupt retailer Goody's Family Clothing Inc. has received a $175 million debtor-in-possession credit facility from General Electric Commercial Finance Corporate Lending.

Goody's will use the financing as working capital while the company restructures. The transaction was arranged by General Electric Capital Markets, the companies said Tuesday.

“GE’s ability to make a significant financial commitment was key in expediting our access to funds,” Goody's CEO Paul White said in a statement Tuesday. “In addition, we valued the combination of their retail industry knowledge and restructuring expertise.”...
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