Gordon Brothers Finance Company Acts as DIP Agent in Samuel Jewelers Restructuring

Samuels Jewelers filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware to reorganize the company and restructure its debt as the next step in its turnaround effort begun over two years ago.

The Debtor's pre-petition secured lenders are providing the Debtor with debtor-in-possession financing as the Debtor liquidates its inventory and seeks to locate a going concern buyer. Choate represented Gordon Brothers Finance Company as debtor-in-possession term agent in connection with a $10,000,000 term loan.