Fabrikant Makes Deal, as Trade Watches Nervously

Coping with lawsuits and at least one published report of financial problems, M. Fabrikant & Sons, New York, announced that it has executed an agreement with its domestic lenders. Details of the agreement were not released, but it was greeted with sighs of relief by the jewelry trade, since U.S. banks hold a major chunk of Fabrikant's debt, sources say. However, some knowledgeable observers believe Fabrikant's situation is still fluid. They noted that (at press time) the company had not made a deal with its trade creditors or foreign banks, although Fabrikant said in a statement that it's “in discussions with its foreign lenders” to obtain a deal similar to the one with its domestic banks. “The waters have been calmed but they are not out of the woods yet,” noted one bank source. “It's a very difficult situation. All the banks are just hoping that everyone keeps their c
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