The Retail Finance Group of GMAC Commercial Finance Funds a $20 Million Senior Emergence Facility to SAAN Stores, Ltd.QUINCY, Mass. -- The GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Finance (GMAC CF GMAC CF General Motors Acceptance Corporation Commercial Finance ) Retail Finance Group announced today the funding of a $20 million senior emergence credit facility to SAAN n. pl. 1. (Ethnol.) Same as Bushmen. Stores, Ltd. (SAAN). This facility replaces the prior GMAC CF debtor-in-possession revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a new 3-year facility. "We are very pleased with GMAC Commercial Finance and look forward to working with them as we grow the Company," said Russell Schaller, SAAN's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The creative and forward-thinking approach exhibited by GMAC Commercial Finance and its Retail Finance Group was an important factor in contributing to the swift and timely acquisition of the SAAN business." Confirming their support for the success of SAAN, Andrew H. Moser, the Retail Group's senior managing director stated, "We continue to be impressed with the stability and strategic initiatives that SAAN management has put in place to revitalize this 100% Canadian owned chain of 142 family 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. ." Moser continued, "We believe that the SAAN management team has effectively managed their way through an extensive reorganization of their business and strong financial recapitalization, positioning them to deliver exceptional value and affordable brand name products to consumers." About SAAN Stores, Ltd: SAAN is a Canadian owned and operated retailer, proudly serving communities across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. , for more than 50 years. SAAN is dedicated to maintaining this rich heritage and tradition by strengthening their community roots with stores that reflect the total lifestyle needs of their customers. SAAN is committed to exceeding customer expectations by providing consumers with affordably priced, quality products in family apparel, footwear and hardlines every day. SAAN's home office is located in Toronto, ON. About GMAC CF's Retail Finance Group: As part of the Asset Based Lending Division, GMAC CF's Retail Finance Group is recognized nationally as a leader in delivering creative capital solutions relevant to the ever-changing marketplace. During times of strategic growth, change and opportunity, and throughout today's fast-paced business cycles, the Retail Finance Group is the best choice for retailers and consumer product companies with revenues in excess of $35 million. GMAC Commercial Finance, considered a leader in its segment of the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market, provides asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". , equipment finance/leasing, structured finance, factoring and supplier early payment services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $10 million to $100 million range. With locations in the United States, Canada, Hong Kong, Poland and the United Kingdom, GMAC Commercial Finance is positioned to provide lending services worldwide. Headquartered in Southfield, Mich., GMAC CF is part of GMAC Financial Services. Located in Quincy, Mass., the Retail Finance Group can be reached at (617) 376-8150. |
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