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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!