IBC Closes On Revamped DIP Finance Package

Law360, New York (May 9, 2008, 12:00 AM EDT) -- Interstate Bakeries Corp. closed on an amended debtor-in-possession financing package that provides the maker of Wonder Bread and Hostess Twinkies with an additional $50 million and extends the maturity date to Sept. 30, 2008, Interstate announced Friday.

Freed from the former DIP credit facility, which was set to expire on June 2, the company is now allowed to borrow $249.7 million under the terms of the commitment letter, while continuing to use cash collateral as it seeks full support for its reorganization plan and exit financing....
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