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Article: Hooker moratorium gets final approval. (financially troubled retail conglomerate granted reprieve on outstanding loans)
- Article from:
- Daily News Record
- Article date:
- July 12, 1989
CopyrightCOPYRIGHT 1989 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOOKER MORATORIUM GETS FINAL APPROVAL
NEW YORK (FNS) -- Hooker Corp., the Australia-based parent of Bonwit Teller and B. Altman, said Tuesday it had obtained the approval of all its banks for a four-month moratorium on about (US) $700 million in unsecured loans.
In a statement issued in Sydney, the company's financial advisor, Richard Grellman of the Peat Marwick Hungerfords accounting firm, said Hooker had the "full support" of its banks.
The company had reached a tentative agreement with about 40 banks at a meeting in Sydney June 23, subject to signing by five non-Australian lenders. One U.S. bank had not signed as of last Friday, but was ...