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STERLING NATIONAL BANK & TRUST COMPANY OF NEW YORK PROVIDES $10 MILLION DEBTOR-IN-POSSESSION FINANCING FOR STUARTS DEPARTMENT STORES

STERLING NATIONAL BANK & TRUST COMPANY OF NEW YORK PROVIDES $10 MILLION
 DEBTOR-IN-POSSESSION FINANCING FOR STUARTS DEPARTMENT STORES
 NEW YORK, Jan. 9 /PRNewswire/ -- Sterling National Bank & Trust Company of New York today announced it has provided a $10 million credit facility to Stuarts Department Stores, Inc.
 Stuarts Department Stores, Inc., headquartered in Franklin, Mass., is operating under Chapter 11 protection. Stuarts operates a chain of 20 discount department stores located in New England. The stores sell a wide range of merchandise, including clothing, home, recreational and convenience items.
 Sterling National Bank has been assisting businesses reorganize and restructure their operations for over 25 years encouraging credit recovery and increased employment. Sterling Bank, a leader in Chapter 11 financing, recently earmarked $100 million for this type of bank credit. The bank is headquartered at 540 Madison Ave., New York City.
 Stroock & Stroock & Lavan of New York City and Seder & Chandler of Worcester, Mass., are attorneys for Stuarts who filed the petition on Dec. 7, 1990. Judge James F. Queenan, U.S. Bankruptcy Court, Worcester, is the presiding judge who approved the $10 million financing.
 -0- 1/9/92
 /CONTACT: Ezra J. Denerstein, vice chairman, or Theodore H. Silbert, chairman, of Sterling National Bank, 212-826-8000/
 (STL) CO: Sterling National Bank & Trust Co.; Stuarts Dept. Stores Inc ST: New York, Massachusetts IN: REA SU: FNC


TS-CK -- NY040 -- 8232 01/09/92 12:45 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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