NORWALK, Conn.--July 1, 2008--GE Commercial Finance Corporate Lending today announced it provided a $175 million debtor-in-possession credit facility to Goody's Family Clothing, Inc., an apparels retailer. The loan will be used for working capital needs as the company restructures under Chapter 11. GE Capital Markets arranged the transaction.
Founded in 1953 in Knoxville, Tennessee, Goody's is an apparels retailer providing clothing and accessories for all ages. The company operates more than 350 stores primarily within the Southeastern U.S.
"GE's ability to make a significant financial commitment was key in expediting our access to funds," said Paul White, CEO of Goody's. "In addition, we valued the combination of their retail industry knowledge and restructuring expertise."
"Whether borrowers require financing for working capital, growth, acquisition, project finance or turnarounds, we specialize in providing solutions to match their needs," said Tom Quindlen, president and CEO of GE Corporate Lending. "Access to capital, industry expertise and an array of financing options means smarter capital for our clients."
Industry Specialization
To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by research analysts. These industry experts help build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; Metals and Mining; Restructuring; Retail; Technology & Electronics; and Transportation.
About GE Corporate Lending
With $17 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews to learn more.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340