Circuit City Gets Green Light For Liquidation

Law360, New York (February 18, 2009, 12:00 AM EST) -- A federal judge has approved an amendment to Circuit City Stores Inc.’s $900 million debtor-in-possession facility, allowing the failed retailer to complete its liquidation without defaulting under the prior agreement with Bank of America NA.

Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia on Tuesday signed off on the amended credit agreement, providing for a wind-down budget and the termination of the DIP facility by April 30 or sooner, depending when the liquidation sales are completed.

The amendment also...
To view the full article, register now.