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Whitehall Jewellers & Newcastle yet to hammer out tender deal
06 Jan '06
3 min read
Newcastle announced that its tender offer is still subject to the closing of a replacement senior credit facility and that it intends to honor the Company's agreement with creditors.
The Company notes that if the Prentice transaction does not close, then the vendor agreement terminates and the mounts outstanding under the Company's current senior credit facility come due by its terms on January 31, 2006.
As the Company disclosed in its proxy statement, unless it secures financing in the next several weeks, there is substantial doubt whether the Company will have sufficient capital to continue to operate its business as currently conducted.
In such a case, the Company may be forced to pursue a restructuring under applicable bankruptcy law.
Whitehall Jewellers Inc is a national specialty retailer of fine jewelry, operating 387 stores in 38 states. The Company has announced that it intends to close a number of stores in the near term.
The Company operates stores in regional and super regional shopping malls under the names Whitehall Co. Jewellers, Lundstrom Jewelers and Marks Bros. Jewelers.
The Company notes that if the Prentice transaction does not close, then the vendor agreement terminates and the mounts outstanding under the Company's current senior credit facility come due by its terms on January 31, 2006.
As the Company disclosed in its proxy statement, unless it secures financing in the next several weeks, there is substantial doubt whether the Company will have sufficient capital to continue to operate its business as currently conducted.
In such a case, the Company may be forced to pursue a restructuring under applicable bankruptcy law.
Whitehall Jewellers Inc is a national specialty retailer of fine jewelry, operating 387 stores in 38 states. The Company has announced that it intends to close a number of stores in the near term.
The Company operates stores in regional and super regional shopping malls under the names Whitehall Co. Jewellers, Lundstrom Jewelers and Marks Bros. Jewelers.
Whitehall Jewellers Inc
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