Linens 'N Things Asks For Some Slack In DIP Deal

Law360, New York (July 18, 2008, 12:00 AM EDT) -- Home products retailer Linens 'n Things has asked a bankruptcy judge to allow it to modify its $700 million debtor-in-possession financing agreement to avoid defaulting, blaming lower-than-expected sales for the change.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the company said that its sales receipts in the four-week periods ending July 5 and July 12 were below 90% of the sales receipts budgeted in the DIP agreement, putting it in default. It said that default, which would make...
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