Morse gets debtor financing approval. (Morse Shoe Inc.)

Footwear News, March, 1991

Morse gets debtor financing approval NEW YORK -- Morse Shoe Inc. recently received final bankruptcy court approval for $140 million debtor-in-possession financing from several banks led by The First National Bank of Boston.

"We are confident that this financing will be sufficient to satisfy our liquidity needs and enable Morse Shoe, including its Fayva, leased and Lowell divisions, to maintain inventory at desired levels, fund operations and pay suppliers on a timely basis," said John J. Garand, senior vice president and chief financial officer of Morse Shoe, Canton, Mass., in a prepared statement.

Garand also said Morse continues to egotiate with its principal creditors and "blieves this financing and "believes this financing will assist the company...