USA: Jacobson's Obtains Interim Financing Approval
Jacobson Stores Inc has received interim authority from the bankruptcy court overseeing its Chapter 11 reorganisation for a one-year secured debtor-in-possession revolving credit facility of up to $100 million.
In a press release Thursday, the regional specialty store chain said it will use the facility, which will be administered by Boston-based Fleet Retail Finance Inc, to purchase merchandise and maintain essential business operations according to its business plan.
A final hearing on the facility is scheduled for 26 February.
Jacobson Stores filed a Chapter 11 petition for reorganisation on 15 January, and was given court approval to close five stores in Ohio and Florida and eliminate 520 jobs.
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