Retail Industry
Industry: Email Alert RSS FeedMacy's gets court OK on $600mil dip deal. (R.H. Macy & Co.'s $600 million debtor-in-possession credit line with Chemical Bank and Bankers Trust Co. receives final approval) (Brief Article)
Daily News Record, February, 1992 by Auerbach, Jonathan
NEW YORK (FNS) -- R.H. Macy & Co. received final court approval Thursday for a $600 million debtor-in-possession credit line with Chemical Bank and Bankers Trust Co.
Bankruptcy Judge Burton R. Lifland authorized the package over objections by Macy's bondholders committee who cautioned that minimum cash flow levels required by the banks might be too optimistic given Macy's past results.
Specifically, Macy's must report at least $150 million in operating cash flow for the quarter ending Jan. 30, 1993. If the company fails to meet the minimum level, the banks could trigger a default.
The bondholders' lawyer, Robert Miller of Berlack, Israels & Liberman, said that next year's requirement is only slightly ahead of Macy's recent results,...
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