Diamond and jewelry wholesaler M. Fabrikant & Sons, Inc. said Wednesday that it has negotiated additional financing arrangements with its senior secured lenders, while the company continues to actively pursue a full range of strategic alternatives, including the sale, refinancing, or reorganization of the firm.
Fabrikant said in a statement that 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,” said Matthew Fortgang, Fabrikant chief executive officer. “This makes it possible to get back to levels of service our customers have come to expect and trust from Fabrikant.”
New York-based Fabrikant enjoys an excellent reputation, dating back over four generations. Since inception the company has grown to become one of the world’s foremost diamond and jewelry wholesalers, and has developed a number of strategic manufacturing and distributing international affiliates.