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Graham-Field

This article was originally published in The Gray Sheet

Executive Summary

"Debtor-in-possession" credit facility for up to $38.8 mil. is secured following the filing of a voluntary Chapter 11 bankruptcy petition in Delaware federal court. The financing will provide the medical/surgical supply maker and distributor with sufficient liquidity to pay suppliers for "post-petition" goods and services, meet payroll, and carry it through completion of its debt restructuring, the firm says. The bankruptcy petition coincides with the resignations of John McGregor as president and CEO, and of Robert Gluck as chief financial officer. David Hilton was named to replace McGregor. Hilton is known as a turn-around specialist and formerly headed J.E. Morgan Knitting Mills. Rothschild, Inc. has been retained to provide investment-banking services
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