GE Commercial Finance Corporate Lending of Norwalk is providing a $175 million plan of reorganization credit to Goody”™s Family Clothing Inc.
“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 chief financial officer for Goody”™s. “We valued having a lender with both restructuring and retail expertise who could provide financing in such uncertain times.”
Goody”™s, a moderately priced family apparel retailer, received the loan to refinance the company”™s debtor-in-possession (DIP) financing upon the company”™s emergence from Chapter 11 bankruptcy.
In June, GE Corporate Lending also provided the company with a $175 million DIP credit facility. Â
“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.”
Founded in 1953 in Knoxville, Tenn., Goody”™s operates 287 stores, primarily in the Southeast.