Ames Secures Approval of First-Day Motions to Support Reorganization Filing.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)--Aug. 21, 2001 Motions Confirm Continued Payment of Employee Wages and Benefits and Grant Immediate Availability of Significant Financing 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. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMES), announced today that it has been granted "first-day" motions made in its voluntary Chapter 11 reorganization proceedings. Among other actions, the approval of these initial motions confirms Ames' plans to continue its employee pay and benefit programs uninterrupted, and gives Ames immediate access to significant DIP (Debtor-In-Possession) financing. Ames received interim approval from the 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. for its $755 million post-petition financing, with $700 million coming from GE Capital and $55 million from Kimco Funding LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The interim approval immediately makes available to the company up to $628 million to acquire merchandise, fund daily operations, pay its associates and retire the existing credit agreements. A hearing on the final approval of the financing is set for September 17, 2001. In a separate order, the court approved continued payment of all employee wages and the continuation of all employee benefit programs. The court also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the company to protect its net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward by limiting the buying and selling of equity and senior notes and the trading of claims. "We are encouraged that the court ruled in our favor on all first-day motions. This assures our ability to keep merchandise flowing to our stores, take care of our employees, and provide A+ Service to our customers," said Ames chairman and chief executive office, Joseph R. Ettore. "We are confident that this is an important first step towards a successful reorganization as a strong and profitable company." Ames Department Stores filed Monday for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
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 Ames reorganization section of the Ames' corporate web site at www.AmesStores.com or call toll-free 1-888-745-7755. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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