Ritz Camera Gets Interim DIP Ahead Of Ch. 11 Auction

Law360, Wilmington (June 25, 2012, 8:25 PM EDT) -- A Delaware judge on Monday gave interim approval to $20 million in debtor-in-possession financing for Ritz Camera and Image LLC, allowing the bankrupt retailer access to working capital as it proceeds to shutter roughly half its stores in advance of a Chapter 11 auction.

U.S. Bankruptcy Judge Kevin Gross signed off on a slate of first-day motions, including interim approval of the DIP facility and the use of cash collateral, which the company said it will use to stabilize operations. RCI will have access to $3...
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