Ames DIP Financing Granted Final Approval By Bankruptcy Court; Action Ensures Continued Funding for New Merchandise.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)--Sept. 25, 2001 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. (AMESQ), announced today that 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. has granted final approval of its $755 million Debtor-In-Possession (DIP) credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , as part of Ames Chapter 11 reorganization proceedings. As Ames previously reported, the DIP financing comprises a $700 million commitment from GE Capital and $55 million from Kimco Funding LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The Bankruptcy Court's approval confirms the ongoing availability of the funding to support Ames' daily operations, pay the company's associates and retire prior credit agreements. "The support and encouragement that our vendors have extended to Ames since our filing has been very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. ," said Ames chairman and chief executive officer, Joseph R. Ettore. "Our store shelves are stocked with Adj. 1. stocked with - furnished with more than enough; "rivers well stocked with fish"; "a well-stocked store" stocked furnished, equipped - provided with whatever is necessary for a purpose (as furniture or equipment or authority); "a furnished apartment"; great values, holiday merchandise, and we're continuing to provide A+ Service to our customers. Today's action provides additional support for the confidence vendors have already shown in Ames, and is one more step towards our successful reorganization as a strong and profitable company." On August 20, 2001, Ames Department Stores filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in order to focus resources on Ames' solid nucleus of stores and ensure the company's future success. For more information about the reorganization, please visit the reorganization section of the Ames corporate web site at www.AmesStores.com or call toll-free 888/745-7755. Ames Department Stores, Inc., a FORTUNE 500(R) company, is the nation's largest regional, full-line discount retailer with annual sales of approximately $4 billion. With 452 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. |
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