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Goody's to streamline core biz assets thru reorganization plan
10
Jun '08
Goody's Family Clothing Inc (Goody's), a moderately priced family apparel retailer operating in small to midsize markets primarily throughout the Southeast, announced that it has filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

The company is focused on executing a comprehensive corporate restructuring plan and will continue to operate the business without interruption during the reorganization process.

In conjunction with the filing, Goody's is seeking and expects to receive approval for a variety of first day motions that will enable it to continue operating in a business as usual manner.

The motions include requests to make wage and salary payments, continue various benefits and honor customer programs such as layaway services and gift cards.

In addition, Goody's has secured a commitment for $210 million in debtor-in-possession (DIP) financing to supplement its working capital and provide adequate liquidity while it works to reorganize the business.

This financing includes $175 million in DIP financing under a revolving credit facility from General Electric Capital Corporation, $15 million in DIP financing under a term loan facility from GB Merchant Partners, LLC, and $20 million in DIP financing under a junior term loan facility from PGDYS Lending LLC.

Goody's decision to file for Chapter 11 follows an extensive review of alternatives to address pressures from tightening credit markets, strain on merchandise flow, and a sizable but isolated number of underperforming stores in the chain.


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