Kid Brands Gets Interim Nod For $49M DIP Loan In Ch. 11
Law360, New York (June 20, 2014, 8:10 PM EDT) -- A New Jersey bankruptcy judge on Friday granted interim approval for a $49 million bankruptcy loan to child products manufacturer Kid Brands Inc. and approved a number of other motions relating to the company’s bankruptcy petition.
The maker of children's toys, bedding and furniture filed for Chapter 11 on Wednesday, seeking approval of $49 million in debtor-in-possession financing from its existing lenders, Salus Capital Partners LLC and Sterling National Bank. The company sought the financing in order to pay its existing financial obligations and provide working capital. In addition, the company requested permission to continue paying associates' wages and benefits, as...
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