Wickes Creditors Object To $30M DIP Financing Plan

Law360, New York (February 25, 2008, 12:00 AM EST) -- The unsecured creditors committee in Wickes Furniture Co.'s Chapter 11 bankruptcy proceedings has filed an objection to the furniture retailer's proposed financing plan, claiming that it ignores their interests and paves the way for a conversion to Chapter 7.

In an objection filed Friday with the U.S. Bankruptcy Court for the District of Delaware, the committee said that the plan would enable the debtor-in-possession lenders to “gobble up any and all remaining unencumbered assets of the debtors ... while providing virtually no financing for anything other...
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