Retailer Fred's Inc. Gets Nod For $35M Ch. 11 DIP, Sales
Law360, Wilmington (September 10, 2019, 9:25 PM EDT) -- Bankrupt discount retailer Fred's Inc. secured Delaware bankruptcy court approval late Tuesday for a $35 million Chapter 11 loan, along with initially broad freedom to complete millions worth of asset sales as part of its initial liquidation efforts.
U.S. Bankruptcy Judge Christopher S. Sontchi temporarily authorized the company to seek approval only from its debtor-in-possession lender for sales of $500,000 or less, and agreed to require only limited notification for sales up to $1.5 million pending a final hearing on Chapter 11 orders and cash management authority.
Larger deals would require regular court motions and approval, with up to $3 million...
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