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Friedmans Receives $$ Bailout for their Chap 11 Reorganization.
Trade sources report this morning that jewelry retailer Friedman's Inc. announced January 24 that it had received interim court approval to borrow up to $40 million of a total of $150 million in financing from Citibank.
Friedman’s will use the funds to repay its pre-petition revolving credit facility, to purchase inventory and for general corporate purposes. A final hearing on access to the remaining sum is scheduled for February 18.
The Company also announced that during the first day of hearings, it had received approval to pay pre-petition employee wages, salaries, workers' compensation, health benefits, life and disability insurance during its chapter 11 restructuring.
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