Judge OKs $40M DIP Loan For Value City

Law360, New York (November 20, 2008, 12:00 AM EST) -- A bankruptcy judge has given the final sign-off on $40 million in debtor-in-possession financing for bankrupt discount retailer Value City Holdings Inc.

The approval by Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York was one of a series of orders the judge issued Wednesday.

Value City reached the financing agreement with National City Business Credit Inc. and Wells Fargo Retail Finance LLC when it filed for Chapter 11 protection in late October.

“The ability of the debtors to...
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