Judge Ups Wickes DIP Financing To $17M

Law360, New York (August 18, 2008, 12:00 AM EDT) -- A judge has approved bankrupt Wickes Furniture Co. Inc.'s amended reorganization plan, raising the company's debtor-in-possession financing to $17 million.

On Friday, Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware, signed off on Wickes' DIP budget. The company's unsecured creditors had initially objected to the DIP financing.

“An immediate need exists for the debtors to obtain funds ... in order to continue operations,” the judge wrote.

According to Monday's revised order, the company is authorized to borrow $17 million in...
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