Manufacturer Joan Fabric obtains refinancing
October 16, 2006,
Tyngsboro, Mass. – Joan Fabrics has successfully completed its refinancing process, according to Elkin McCallum, chairman of the fabric manufacturing company.
“With all the turmoil surrounding the textiles and the home furnishings industry, the bank syndicate has expressed its confidence in the future of our company by completing this process,” he stated.
Key elements of the agreement consist of: new term loan, significant debt reduction, and an infusion of new liquidity. “It’s time to go back to work and focus on building our franchise,” he said.
McCallum added that over the next several weeks he will make a number of announcements concerning staff additions, new business initiatives and business re-alignment.