Ritz Camera Scores Final Nod To Tap $85M DIP Loan

Law360, New York (March 31, 2009, 12:00 AM EDT) -- A federal bankruptcy judge has approved a request by Ritz Camera Center Inc., the largest U.S. camera store chain, to access up to $85 million in debtor-in-possession financing from its existing secured lenders to help fund operations as it closes 400 underperforming stores.

In a final order signed Friday in the U.S. Bankruptcy Court for the District of Delaware, Judge Mary Walrath authorized Ritz to borrow the funds from its existing secured lenders, with Wachovia Bank NA serving as agent, to pay employee salaries, payroll, taxes...
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