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Industry: Email Alert RSS FeedTex-Loom enters DIP with Merchants Bank. (Tex-Loom Industries Ltd. enters into debtor-in-possession financing with Merchants Bank of New York) (Brief Article)
Daily News Record, August, 1994
NEW YORK (FNS) -- Tex-Loom Industries Ltd. a textile producer and importer of finished goods, has entered into a 30-day financing arrangement with Merchants Bank of New York. The company filed for Chapter 11 protection July 25 following a large financial arbitration loss. According to Robert Grossman, Backenroth & Grossman, counsel to Tex-Loom, the company continues to negotiate with Merchants Bank and other lenders for more permanent debtor-in-possession financing.
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