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Article Date: January 2018
Word Count: 297

Sheikh Fires Back on Comvest Objections to New Lending Agreement

The retailer argues that the need to replace the onerous DIP facility of State Bank is critical to preserving the business and its 1,000 jobs and offers its own analysis that shows there is over $22 million in inventory cushion to protect Comvest’s junior position. Moreover, it notes that the operating shortfalls that so alarmed Comvest were almost entirely the result of Sheikh’s inability to purchase Nike product in Nov. because of its capital constraints. As noted earlier, Sheikh has a credit agreement with the Eager Beavertons that requires it to pay down $4 million in debt for every $3 ... Log in to view full article.


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