Crescent Jewelers obtains approval for $35 million in exit financing

By Jennifer Lanning Drey

Eugene, Ore., May 22 - Crescent Jewelers obtained approval to enter into a commitment and fee letter for $35 million in exit financing from CIT Group/Business Credit, Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of California

Crescent will pay a $150,000 commitment fee and due diligence costs of $100,000.

No other terms of the proposed exit financing were released.

Crescent, an Oakland, Calif.-based retailer, filed for bankruptcy on Aug. 11, 2004. Its Chapter 11 case number is 04-44416.

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