Lenders extend wind-down funds to Quaker Fabric
July 24, 2007,
Fall River, Mass. – Upholstery and jacquard fabric manufacturer Quaker Fabric has obtained an agreement with its lender GB Merchant Partners for an “overadvance” of $2.0 million to be used “solely to fund wind-down expenses” under a budget approved by GB, Bank of America, and RAS Management Advisors, a company retained July 9 to consult on the liquidation of assets.
Quaker confirmed it has a total of $34.2 million of loans outstanding under its 2006 agreements with GB, Bank of America, and related lenders.
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