Bankruptcy Court for its financing commitment from General Electric Capital Corp. Under the commitment, Forstmann can borrow up to $85 million under a formula with repayment due on Oct. 31, 1996. The New York-based fabric manufacturer filed for bankruptcy protection on Sept. 22 citing margins squeezed by rising wool prices and soft retail apparel markets. The company had $203.8 million in current liabilities at the time of the filing, long-term debt of $2.9 million, and assets of $248.1 million.
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