Source Interlink Seeks $385M As Part Of Ch. 11 Plan

Law360, New York (April 29, 2009, 12:00 AM EDT) -- Magazine distribution giant Source Interlink Cos. Inc. has requested permission to borrow up to $385 million in post-petition financing as part of the company’s plan to shed about $1 billion in debt through a prepackaged Chapter 11 bankruptcy.

The company filed a motion Tuesday in the U.S. Bankruptcy Court for the District of Delaware requesting approval of the debtor-in-possession financing package, as well as a proposed plan for reorganization and a disclosure statement, seeking a swift emergence from Chapter 11.

The company — a major distributor...
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