$700M DIP Loan Approved For Linens 'N Things

Law360, New York (May 29, 2008, 12:00 AM EDT) -- A bankruptcy judge has granted final approval to Linens ‘n Things’ debtor-in-possession loan request, allowing the company to access up to $700 million in financing while it is in Chapter 11 bankruptcy protection.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware approved the DIP loan at a hearing on Wednesday, overruling any objections. General Electric Capital Corp. will serve as administrative agent for the loan, court documents said.

Linens ‘n Things, which entered Chapter 11 on May 2, had previously...
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