Avenue Stores Cleared To Use Full $12M Ch. 11 DIP Loan

Law360, Wilmington (August 20, 2019, 6:14 PM EDT) -- A Delaware bankruptcy judge on Tuesday gave her nod for women's plus-size clothing retailer Avenue Stores LLC to tap into its $12 million post-petition financing as it continues closing all 222 of its brick-and-mortar stores and seeking a buyer for its e-commerce business.

At a hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber Silverstein said she would sign off on the debtor-in-possession financing order once a final version is submitted to the court. The judge noted that, in an "unusual" request, Avenue Stores was seeking approval to immediately draw the full $12 million revolving credit DIP loan administered by prepetition lender...

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