Whitehall buys certain assets of Friedman's & Crescent
14 Apr '08
2 min read
The Friedman assets were sold in connection with a bankruptcy proceeding concerning Friedman's in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court entered an order approving this sale of assets on April 10, 2008.
Whitehall is financing the purchase price for this acquisition through borrowing under its revolving credit facility, which was amended to permit additional borrowings simultaneous with the closing of the asset acquisition, and will be borrowing an additional $5 million from PWJ Lending II LLC, an affiliate of Prentice Capital Management, LP, under the Company's existing Term Loan Credit Agreement which will be used to reduce its borrowings under the revolving credit facility.