Quaker Amends Loan, Looks for New Financing

June 5, 2006  by in UnCategorized   

By Home Furnishings Business in Upholstery on June 2006 Quaker Fabric Corp. has amended its five-year, senior-secured credit facility, and the company has also hired a firm to advice in a proposed refinancing.

The amendments to the fabric supplier’s loan includes changes in financial convenants that will provide the company access to needed capital resources to support business operations and the company’s ongoing and repositioning initiatives, said Larry Liebenow, president and chief executive officer.

Alvarez & Marsal Securities, a part of Alvarez & Marsal, LLC, a New York-based global professional services firm, will advise the company in connection with a proposed refinancing, the proceeds of which would be used to provide the company with additional working capital and to repay all or a portion of the company’s existing indebtedness under its senior secured credit facility.

“We remain grateful for the ongoing support of our workforce, our suppliers and our customers, as we continue to pursue our business development objectives,” Liebenow said.