USA: Galey & Lord Amends Senior Credit Facility
Textile manufacturer Galey & Lord Inc has amended its $425 million senior credit facility to allow it to substantially reduce its financial covenants. The amendment also allows the company to exclude all of the closing costs, asset write-downs, run-out costs and one time charges associated with strategic initiatives announced July 26, 2001. This was when it said it was shutting down its garment making operations in Mexico, cutting five per cent of its salaried staff and taking $70-$80m in charges.
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