Avenue Stores Bags $12M DIP As Creditors Ready Probe
Law360, Wilmington (September 13, 2019, 6:32 PM EDT) -- Bankrupt retailer Avenue Stores Inc. secured final approval in Delaware on Friday for its $12 million Chapter 11 debtor-in-possession loan during a hearing that saw unsecured creditors appeal for more time and money to investigate the case.
U.S. Bankruptcy Judge Laurie Selber Silverstein approved the bankruptcy financing deal after the women’s plus-size retailer agreed to double the unsecured creditor committee’s budget for professional fees and investigation to $450,000. The judge also approved a three-day delay in a bid deadline for the company’s online business, with the date now set for Sept. 27 in a separately approved bid and sale procedures motion.
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