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Industry: Email Alert RSS FeedW&L arranged $300M DIP prior to filing: court papers; CEO gets new 5-year contract. (Woodward & Lothrop, debtor-possession financing package) (Brief Article)
Daily News Record, January, 1994
CEO gets new 5-year contract
NEW YORK (FNS) -- Woodward & Lothrop locked in its $300 million debtor-in-possession package one week before its Chapter 11 filing, according to court documents.
W&L entered bankruptcy proceedings here on Monday. As late as Friday, the company issued a statement saying Chapter 11 rumors were old news and that Chapter 11 was only one of the options under consideration.
Court documents show a commitment letter between W&L and CIT Group for the financing dated Jan. 11.
The papers, filed i nconnection with a motion for approval of the DIP financing, also reveal that Robert Mang, who was named chairman and CEO earlier this week, has received a new five-year $600,000-a-year employment contract.
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