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Whitehall Jewelers files for Chapter 11 reorganization
24 Jun '08
1 min read
Whitehall Jewelers Holdings Inc, announced that it and its operating subsidiary Whitehall Jewelers, Inc. have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The filings were made today in the U.S. Bankruptcy Court for the District of Delaware. Whitehall plans to continue to conduct business as usual while it develops a reorganization plan.
To fund its continuing operations during the reorganization process, the Company has negotiated an $80 million debtor-in-possession (DIP) financing from Bank of America, N.A., Wells Fargo Retail Finance, LLC, and GMAC Commercial Finance, LLC.
This DIP credit facility would replace the Company's previous $125 million revolving credit facility. Subject to court approval, Whitehall will use the DIP credit facility to fund its working capital requirements, including employee wages and benefits, certain supplier payments and other operating expenses during the reorganization process.
The filings were made today in the U.S. Bankruptcy Court for the District of Delaware. Whitehall plans to continue to conduct business as usual while it develops a reorganization plan.
To fund its continuing operations during the reorganization process, the Company has negotiated an $80 million debtor-in-possession (DIP) financing from Bank of America, N.A., Wells Fargo Retail Finance, LLC, and GMAC Commercial Finance, LLC.
This DIP credit facility would replace the Company's previous $125 million revolving credit facility. Subject to court approval, Whitehall will use the DIP credit facility to fund its working capital requirements, including employee wages and benefits, certain supplier payments and other operating expenses during the reorganization process.
Whitehall Jewelers Holdings Inc
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