JUDGE APPROVES R.H. MACY'S & CO. FINANCING
JUDGE APPROVES R.H. MACY'S & CO. FINANCING NEW YORK, Feb. 13 /PRNewswire/ R.H. Macy & Co., Inc. reported that
Judge Burton R. Lifland of the U.S. Bankruptcy Court today approved the company's $600 million debtor-in-possession credit facility led by Chemical Bank and Bankers Trust Company.
The judge had earlier approved Macy's interim request to access $60 million of the facility. Today's approval allows Macy's to access the balance of the financing commitment to meet its needs going forward. "We are very pleased the court has approved our previously arranged financing," said Edward S. Finkelstein, chairman and chief executive officer of Macy's. "With this in place, we now have the financial stability and liquidity that is so important to all concerned. "Before our Chapter 11 filing, we had been developing a very positive plan for Macy's future. We are now in the process of refining and reformulating that plan. We are anxious to proceed with the reorganization process and to work in a cooperative and cohesive fashion with our creditors and their representatives." -0- 2/13/91 /CONTACT: James Fingeroth or Michael Freitag of Kekst and Company, 212-593-2655/ CO: R.H. Macy & Co., Inc. ST: New York IN: REA SU: RCN AH -- NY104 -- 9955 02/13/92 16:58 EST
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|Date:||Feb 13, 1992|
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