Goody's Emerges From Ch. 11 With $175M Plan Loan

Law360, New York (October 22, 2008, 12:00 AM EDT) -- Goody's Family Clothing Inc. announced Monday that its reorganization plan has gone into effect, allowing the company to emerge from Chapter 11 bankruptcy protection.

On Oct. 7, Judge Christopher S. Sontchi of U.S. Bankruptcy Court for the District of Delaware approved Goody's reorganization plan, which allowed the mid-range retailer to pursue funding for the plan.

In conjunction with the plan taking effect, Goody's received a $175 million revolving credit facility from GE Commercial Finance Corporate Lending to finance the plan, the General Electric unit announced Wednesday....
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