Judge OKs $250M DIP Loan For Boscov's

Law360, New York (August 7, 2008, 12:00 AM EDT) -- Boscov's Inc., the family-owned department store chain that filed for Chapter 11 on Monday, has secured approval of a $250 million debtor-in-possession loan provided by prepetition lender Bank of America NA.

In an interim order filed Aug. 5 in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin Gross approved the retailer's request to tap into $250 million DIP financing it says it needs in order to stay afloat as it develops a reorganization plan to maximize recoveries for its stakeholders.

The DIP financing...
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