Fred’s Commences Voluntary Chapter 11 Proceedings
FRED'S (FRED)
Last fred's earnings: 12/6 07:00 am
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US:NASDAQ Investor Relations:
investors.fredsinc.com/investor-overview
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Source: GlobeNewswire
Seeks Court Approval to Enter into $35 Million Proposed Debtor-in-Possession Financing Agreement All Fred’s Locations to Commence Liquidation Sales DALLAS, Texas, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Fred's, Inc. (NASDAQ:FRED) today announced that the Company has filed for voluntary relief under chapter 11 of the Bankruptcy Code (“Chapter 11”) in the U.S. Bankruptcy Court for the District of Delaware (the “U.S. Bankruptcy Court”). The Company has also filed a motion seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession (“DIP”) financing agreement (the "Financing Agreement") with certain of the Company’s existing lenders, which would provide for up to $35 million in new funding. The Company is committed to ensuring an orderly wind-down of its operations, and has commenced liquidation sales at all retail locations, which are expected to close over the next 60 days. The Company expects to continue fulfilling pharmac
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