Finlay Warns on Liquidity

Finlay Enterprises issued a warning that the U.S. recession had hurt its liquidity position, and it may not meet its financial obligations. Finlay, which operates its own stores as well as counters in department store chains, added that its lenders decreased the borrowing availability under its revolving credit agreement and are performing another review that may further affect Finlay Jewelry's borrowing capacity. The company said its debt includes $200 million in senior notes and $353 million under the revolving credit facility on Nov. 1. “[C]urrent conditions have negatively impacted our liquidity position and operating performance, and our sales are significantly below our original projections,” Finlay said. “There can be no assurances that our business operations, working capital, and borrowing availability through the end of the fiscal year will be sufficient to meet curre
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