Joan Fabrics Completes Refinancing
Manufacturer Readies to Proceed after Several Months of Negotations
By Staff -- Home Textiles Today, 10/30/2006
Tyngsboro, Mass. — Joan Fabrics has successfully completed its refinancing process, according to Elkin McCallum, chairman of the fabric manufacturing company.
"After several months of negotiation, the company signed the necessary agreement leading to an interim funding and a final closing by Oct. 30 on its refinancing project," said McCallum.
"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 announcements concerning staff additions, new business initiatives and business re-alignment.
