GE Corporate Financial Services? Retail and Restructuring Group was announced yesterday as the lead administrative agent for U.S. $2 billion in exit financing being provided to assist Kmart Corp. in its escape from bankruptcy protection.
Kmart, which originally filed for bankruptcy on January 22, 2002, will reportedly use the financing to fund its reorganized business.
According to GE, the Retail and Restructuring Group is part of the Corporate Lending Group, under GE Corporate Financial Services. In addition to arranging working capital financing, the group acts as an agent for lending syndicates. In the case of Kmart, the group is reportedly acting as agent for a syndication group of approximately 30 institutions.
to Daily News