Ames Completes New Financing Agreement With GE Capital and Kimco Realty.Business Editors ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--June 17, 2002 Ames Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AMESQ) announced today that it has entered into agreements with the current lenders to its DIP Credit Agreement, led by GE Capital as agent, to amend its current DIP Credit Agreement and with KRC KRC - Kent Recursive Calculator. A lazy functional language developed by David Turner in 1981 based on SASL, with pattern matching and ZF expressions. ["Functional Programming and its Applications", David A. Turner, Cambridge U Press 1982]. See also continental drift. Acquisition Corp., an affiliate of Kimco Realty Corporation Kimco Realty Corporation, (NYSE: KIM), is a Real Estate Investment Trust, founded in 1960, by Martin Kimmell and Milton Cooper, with "Kimco" being a contraction of their names, Kimmell and Cooper. , for the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of certain of its properties. The new agreements, which have been filed with the U.S. bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , will result in approximately $25 million in additional availability for Ames. This additional availability will be for Ames' unrestricted use, providing increased liquidity for Ames' retail operations. Both the amendment to the DIP Credit Agreement and the agreement with Kimco require bankruptcy court approval. A hearing date has been scheduled for June 19, 2002. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ames Chairman and Chief Executive Officer Joseph R. Ettore, "These two agreements and the resulting increase in availability show the significant impact of the actions that we, together with our lenders have taken to improve liquidity. Together with our continued reductions in SG&A expenses, this new funding substantially improves our financial position and provides our vendor partners with the comfort level they need to continue extending credit and merchandise shipments." Ames Department Stores, Inc., is a regional, full-line discount retailer with an associate base of 21,500 and annual sales of approximately $2.7 billion. With stores in the Northeast, Mid-Atlantic and Mid-West, Ames offers value-conscious shoppers quality, name-brand products across a broad range of merchandise categories. For more information about Ames, visit www.AmesStores.com or www.AmesStores.com/espanol. Cautionary Statement Regarding Forward-looking Information Statements, other than those based on historical facts which address activities, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements which are based upon a number of assumptions concerning further conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in any forward-looking statements. The Company's ability to achieve such results is subject to certain risks and uncertainties. Consequently, these cautionary statements qualify all of the forward-looking statements and there can be no assurance that the results or developments anticipated by the Company will be realized or that they will have the expected effects on the Company or its business or operations. To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES. |
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