Quaker Fabric satisfies lenders, amends credit facility
March 23, 2006,
Fall River, Mass. – Quaker Fabric has amended its five year, senior secured credit facility and has hired a financial consulting firm, getting its financial house in order to the satisfaction of its lenders.
The restructuring includes an agreement reached earlier this month to sell its 240,000-sq.-ft Plant D manufacturing facility to Strictly Realty for $1.4 million, and the sourcing partnerships its recently forged with Daewoo International (Korea) and Hangzhou Zhongwang (China).
Quaker Fabric continues to operate normally, and plans to file its 2005 form 10-K by March 31.
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