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Hancock Fabric Gets $100m from GE Corporate Lending
Hancock, based in Baldwyn, Miss., filed for bankruptcy in March 2007.
August 4, 2008
GE Commercial Finance Corporate Lending said Monday it provided a $100 million plan of reorganization credit facility to Hancock Fabrics Inc., a fabrics and accessories retailer.
The financing will be used to complete the company’s reorganization as it emerges from Chapter 11. The plan included payment in full for all of the creditors "holding valid claims," according to a statement, and also provided for pre-petition equity holders to retain their interest in the company.
Hancock Fabrics is a specialty retailer of fashion and home decorating textiles, whose merchandise includes fabrics, sewing accessories, sewing machines and needlecraft supplies.
“Combining industry and restructuring expertise accelerates our understanding of customer needs as well as their access to financing,” said Tom Quindlen, president and CEO of GE Corporate Lending. “We’re committed to delivering smarter capital to borrowers to support both their short and long-term business objectives.”
Hancock, based in Baldwyn, Miss., filed for bankruptcy in March 2007. The company was founded in 1957.
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