NORWALK, Conn.--22 October 2008-- GE Commercial Finance Corporate Lending today announced it provided a $175 million plan of reorganization credit facility to Goody's Family Clothing Inc., a moderately priced family apparel retailer. The loan was used to refinance the company's debtor-in-possession (DIP) financing upon the company's emergence from a Chapter 11 bankruptcy. In June, GE Corporate Lending also provided the company with a $175 million DIP credit facility. GE Capital Markets arranged both transactions.
Founded in 1953 in Knoxville, Tennessee, Goody's is an apparel retailer providing clothing and accessories for all ages. The company operates 287 stores primarily within the Southeastern U.S.
"GE made a significant financial commitment allowing us to keep our bank group to a minimum and have access to capital when we needed it," said David Peek, executive vice president and CFO for Goody's. "We valued having a lender with both restructuring and retail expertise who could provide financing in such uncertain times."
"The combination of our retail and restructuring expertise allows us to quickly understand the unique needs of retailers seeking financing to reorganize and reenergize their businesses," said Tom Quindlen, president and CEO of GE Corporate Lending. "Whether in good or challenging times, we specialize in providing customers with smarter capital to help support their business strategies."
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 $16 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 a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com
Ned Reynolds
GE Capital
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+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340