G+G Retail completes restructuring

New York, March 15 - G+G Retail Inc. said that it had successfully completed arrangements to restructure the company's debt and equity.

G+G Retail, a New York-based apparel retailer, said that as a result of the restructuring, all of its outstanding senior notes, which were exchanged together with the outstanding preferred stock of the company's parent, G&G Retail Holdings, have been converted into newly issued common stock.

In addition, the company's long-term debt has been completely eliminated and a new $50 million senior secured revolving credit facility has been provided by the CIT Group/Business Credit Inc. and Madeleine LLC. The restructuring will immediately strengthen the company's liquidity and cash position and provide the capital necessary to expand its business.

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