The Finish Line Inc said that it is disappointed with the ruling issued by the Chancery Court in Nashville, Tennessee, is studying the Court's decision and is considering its options, including the possibility of an appeal.
The litigation concerning the commitment made by UBS Securities LLC and UBS Loan Finance LLC to finance the Genesco transaction is pending in the United States District Court for the Southern District of New York.
In holding that The Finish Line is required to close the merger with Genesco Inc. (NYSE: GCO), the Nashville Court expressly reserved for determination by the New York Court whether the merged entity would be insolvent. If the New York Court so holds, the merger will be halted.
Alan H. Cohen, Chief Executive Officer of The Finish Line said, "While the litigation proceeds, we are continuing to operate our business in the ordinary course and are focused on implementing our product and branding strategies."
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