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.
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