By
Reuters
Reuters
Published
Oct 29, 2010
Oct 29, 2010
Loehmann's extends debt exchange deadline
By
Reuters
Reuters
Published
Oct 29, 2010
Oct 29, 2010
(Reuters) - Discount department store chain Loehmann's [ARCABL.UL] said on Thursday it extended its debt exchange offer by a day as it nears a key threshold that would give it needed financial breathing room.
Loehmanns.com |
Loehmann's Capital Corp is seeking to exchange notes maturing in 2011 for new notes due in 2014.
The owner of 60 stores said that by extending the deadline from Wednesday to 5 p.m. EDT Thursday it would have at least 92.4 percent of aggregate outstanding principal amount of old notes tendered in the exchange.
The Melville, New York-based company needs holders to tender 97 percent of the aggregate principal amount of old notes to complete the exchange.
Loehmann's, owned by Dubai investment group Istithmar, a unit of Dubai World [DBWLD.UL] , said that extending the exchange offer would allow holders of 34.9 percent of the old notes to tender their holding.
Loehmann's said that it may terminate or change the terms of the exchange offer, subject to applicable law.
(Reporting by Tom Hals, editing by Gerald E. McCormick)
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