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Fine jewelry retailer Friedman's acquires Disclosure Statement

Sep '05
Savannah, Georgia based jewelry retailer Friedman's Inc announced that the United States Bankruptcy Court for the Southern District of Georgia, Savannah Division (the "Bankruptcy Court"), entered an order on September 22 approving the Company's Disclosure Statement (the "Disclosure Statement") filed in conjunction with its First Amended Joint Plan of Reorganization (the "Amended Plan").

The Company also announced that the Amended Plan and Disclosure Statement now have the consent and support of the Company's Official Committee of Unsecured Creditors (the "Creditors' Committee") as well as the agreement of Harbert Distressed Investment Master Fund, LTD ("Harbert"), the plan investor under the Amended Plan.

As previously announced, Friedman's filed its plan of reorganization and disclosure statement in connection with its chapter 11 case with the Bankruptcy Court on August 4, 2005. At the time of the initial filing, the Creditors' Committee announced that it did not support the terms of the plan and disclosure statement but stated the Committee's willingness to continue to negotiate with the Company in order to reach a consensual plan of reorganization.

Since the initial filing of the plan and disclosure statement, the Company has been able to reach consensus with the Creditors' Committee, leading to last week's filing of the Amended Plan and Disclosure Statement.

The Company also announced that it has received a commitment letter from CIT to provide, upon the Company's exit from chapter 11, a fully underwritten revolving credit facility providing for up to $125 million in financing. The facility has a five year term and will be used to fund the Amended Plan, for ongoing working capital needs, and for general corporate purposes. In addition, CIT has agreed to provide a committed factoring line of up to $20 million, available upon exit from Chapter 11, through December 31, 2006.

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