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Industry: Email Alert RSS FeedFinlay Refinances Amid Liquidity Concerns.
Jewelers Circular Keystone, January, 2009
By Rob Bates
Amid speculation about its future, Finlay Enterprises announced a new deal with its bondholders, who have injected another $20 million into the company and are allowing it to defer some $5.5 million in interest payments.
As a result, Standard & Poor's Ratings lowered its corporate credit rating on Finlay to SD (selective default) from CC. It also lowered the issue-level rating on Finlay's 8.375 percent senior notes due June 2012 to D. The rating service said it considered the offer a distressed exchange and, ...
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