By  on May 6, 2010

Liz Claiborne Inc. shored up its finances with an amended bank facility and narrowed first-quarter losses, but a weaker-than-expected outlook and general market turmoil helped push the stock down 15.2 percent.

Claiborne reduced its revolving credit facility to $350 million from $600 million, but the expiration date was pushed out to August 2014 from May 2011 and the springing fixed-charge coverage covenant was eliminated, leaving chief executive officer William L. McComb additional room to operate.

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