$US50M credit line offered
NZPA-AP Cincinnati GE Capital Corp has offered a SUSSO million (SNZ64.IOM) credit line to L. J. Hooker Corp, which last week filed for federal bankruptcy protection. GE Capital, a General Electric Co subsidiary based in Stamford, Connecticut, said that as security it would accept Hooker assets, including the inventory of the company’s B. Altman and Bonwit Teller stores. “It’s a start for us,” Hooker spokesman Mr Steve Stern, said.
A federal bankruptcy judge must still approve the deal.
Hooker, a subsidiary of Austrialian-based Hooker Corp, filed for protection from its creditors on Wednesday, declaring SUS72OM (SNZI.2I billion) in debts and SUS9O9M ($NZ1.538) in assets. Under Chapter 11 of US Bankruptcy Law, a federal court can protect a bankrupt company from lawsuits by creditors while the company develops a debt-repayment plan.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19890814.2.107.9
Bibliographic details
Press, 14 August 1989, Page 28
Word Count
134$US50M credit line offered Press, 14 August 1989, Page 28
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.