BankBoston Retail Finance Inc. Arranges $450 Million Credit Facility for the Caldor Corporation.BOSTON--(BUSINESS WIRE)--May 18, 1998--BankBoston Retail Finance Inc. and The Caldor Caldor was a chain of discount department stores based in the Norwalk, CT. The chain declared bankruptcy in 1995 and closed all of its stores on May 15, 1999. History Beginning Corporation announced today that, with the receipt of 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. approval, they have closed on a $450 million replacement DIP facility and emergence credit facility. Caldor is the fourth-largest discount department store chain in the U.S. Based in Norwalk Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn., the company operates 145 stores in nine East Coast and mid-Atlantic states Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. . "BankBoston Retail Finance demonstrated extraordinary responsiveness in structuring this new facility," said John G. Reen, Executive Vice President and Chief Financial Officer of Caldor. "Their ability to act quickly and professionally, combined with their keen understanding of our business, is truly outstanding. We view them as a partner in our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. success." Ward K. Mooney Mooney is family name, which is probably predominantly derived from the Irish Ó Maonaigh. It can also be spelled Moony, Meaney, Mauney, Moon, Money. The word can refer to: Companies
Meaney spelling BankBoston Retail Finance created a unique financing package for Caldor comprised of two complementary components -- a DIP and emergence facility. This approach will provide Caldor with the flexibility and liquidity to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. and successfully emerge from Chapter 11. Caldor recently announced significantly improved financial results for the fourth quarter of 1997 as well as continuing progress under its Five Year Business Plan. As part of this facility, Caldor will join BankBoston Global Trade's national portfolio of high volume retailers. Caldor's letter of credit business will be serviced through TradeKey, BankBoston's on-line trade transaction initiation and information reporting system. BankBoston Retail Finance Inc. is one of the leading asset-based lenders in the country exclusively devoted to the retail industry. The company's staff, many of whom are former retailers, bring a wide range of expertise to each relationship. BankBoston Retail Finance provides cash management, trade finance and letters of credit, leasing and treasury risk management. In 1997, the company extended more than $1 billion in financing to retailers across the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . BankBoston Retail Finance is a subsidiary of BankBoston Corporation, the nation's 16th largest bank holding company with assets of $71.4 billion as of March 31, 1998. CONTACT: BankBoston Retail Finance Inc. Kekst and Company Jenny Engle Wendy Kopsick 617/434-4059 212/593-2655 |
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