Bankrupt Hardware Chain Orchard Gets Nod For $176M DIP

Law360, Wilmington (June 18, 2013, 9:14 PM EDT) -- A Delaware bankruptcy judge gave his blessing Tuesday to a slate of first-day motions for Orchard Supply Hardware Stores Corp., including debtor-in-possession facilities totaling $176 million, designed to keep the home-and-garden chain operating while it pursues a Chapter 11 sale to Lowe’s Home Improvement LLC.

Hamstrung by a crushing debt load, Orchard entered court protection Monday after securing a $205 million stalking-horse deal to sell the bulk of its stores to industry giant Lowe's and a pair of DIP agreements from prepetition lenders to help finance...
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