Court approves $195 million in interim financing.RICHMOND, Va.--(BUSINESS WIRE)--Oct. 2, 1996--Best Products Co., Inc. (Nasdaq: BEST) today said the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Richmond, Va., has approved $195 million in interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. that will allow the company to resume normal operations. The court's decision allows Best Products to use $195 million of the $250 million unsecured debtor-in-possession facility the company has obtained from the CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group/Business Credit, Inc. The facility includes a $100 sublimit sub·lim·it n. A limit or ceiling placed on a subdivision of a larger category, especially of nuclear weapons: negotiating sublimits on the number of land-based, intermediate-range missiles. for letters of credit. A hearing to allow Best Products full use of the facility is scheduled for Oct. 10, 1996. Chairman and Chief Executive Officer Daniel H. Levy said, "The approval of this interim facility was necessary to provide our vendors with a greater level of confidence in their relationships with Best Products. Now the company can resume normal operations and proceed with maximizing our sales potential during the fall selling season." Best Products, a specialty retailer offering category-dominant assortments of jewelry and home furnishings, operates 169 Best stores in 23 states. CONTACT: Best Products Investor Relations Investor relations The process by which the corporation communicates with its investors. : Nora Crouch, (804) 261-2179 Media Contact: Ross Richardson, (804) 261-2157 |
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