Liquidation on the Table
Posted by ICv2 on April 14, 2003 @ 11:00 pm CT
Toy retailer FAO Schwartz has announced that the financing with which it had planned to exit Chapter 11 bankruptcy has collapsed, and that it was considering 'all alternatives,' including liquidation. FAO had arranged for debt financing of $77 million and a $30 million sale of convertible preferred stock. A last-minute difference between the bank lenders and the equity investors caused the investors to withdraw from the deal. Conditions are dire because FAO's right to use its cash (which is pledged as collateral) for operations expires on Friday, April 18.
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