Article: Hooker moratorium gets final approval. (financially troubled retail conglomerate granted reprieve on outstanding loans)

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 ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!