S&P: Genesco still on watch developing

Standard & Poor's said Genesco Inc.'s B+ corporate credit rating remains on CreditWatch with developing implications following the announcement that the Chancery Court for the State of Tennessee ordered the Finish Line Inc. to perform the terms of its merger agreement with Genesco.

The court did not offer an opinion as to the solvency of the merged entity, however, and the issue will be resolved by a New York court in a lawsuit filed by UBS, according to the agency. In response to the court's decision, the Finish Line is considering its options, including the possibility of an appeal, S&P said.

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