House of Fabrics inks pact with bank group. (extends debtor-in-possession agreement with Bank of America)(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, February, 1996
House of Fabrics, which reported earlier this year that it would close 86 stores, has signed a definitive agreement with its bank group, led by Bank of America as agent, for an extension of its debtor-in-possession financing facility through April 30, 1996, in the amount of $17.3 million. The company said final documentation has been completed and that the agreement has the approval of the Bankruptcy Court. House of Fabrics filed to restructure under Chapter 11 on Nov. 2, 1994.
According to House of Fabrics president and chief executive Gary L. Larkins: "The extended credit facility is more than adequate to provide for all of our planned purchases as we work with the bank and the creditors toward a consensual, stand-alone plan of reorganization.
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