Orchard Brands Scores $90M Exit Loan Agreement

Law360, New York (March 29, 2011, 8:46 PM EDT) -- Bankrupt affiliates of Orchard Brands Corp. received bankruptcy court approval Tuesday in Delaware to enter into a new $90 million exit financing agreement with PNC Bank NA that provides better terms than a previous deal with other lenders.

Attorneys for the clothing retailer said at a hearing in the U.S. Bankruptcy Court for the District of Delaware that the alternate loan would provide $6 million more in “borrowing base” than a prior arrangement with lenders led by UBS Loan Finance LLC. The loan will be used...
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