M. Fabrikant arranges additional financing from senior lenders

By Caroline Salls

Pittsburgh, Jan. 24 - M. Fabrikant & Sons, Inc. has negotiated additional financing arrangements with its senior secured lenders while it continues to actively pursue a full range of strategic alternatives, including the sale, refinancing or reorganization of the firm, according to a company news release.

M. Fabrikant said it believes that its Chapter 11 proceedings currently provide the best opportunity to maximize the value of its assets and its business for all stakeholders.

"We are thrilled to announce that our new lenders are supportive of our reorganization process and willing to provide us with additional liquidity," chief executive officer Matthew Fortgang said in the release.

"This makes it possible to get back to levels of service our customers have come to expect and trust from Fabrikant."

M. Fabrikant, a New York-based manufacturer and distributor of diamonds and gemstone jewelry, filed for Chapter 11 on Nov. 17 in the U.S. Bankruptcy Court for the Southern District of New York. Its case number is 06-12737.

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