Dairy Mart Obtains Court Approval for Interim DIP Financing of $10.75 Million.Business Editors HUDSON, Ohio--(BUSINESS WIRE)--Sept. 26, 2001 Financing To Be Used for Vendor Payments, Other Working Capital Needs; Hearing Set for October 11 to Approve Entire DIP Facility Dairy Mart Convenience Stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. , Inc. (AMEX AMEX See: American Stock Exchange :DMC DMC Devil May Cry (video game) DMC Detroit Medical Center DMC Darryl McDaniels (rapper) DMC Destination Management Company DMC Del Mar College (Corpus Christi, TX) ) has obtained U.S. 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. authorization for its requested interim Debtor-in-Possession (DIP) financing. In a hearing yesterday, the court reviewed and approved in its entirety Dairy Mart's motion seeking immediate use of up to $10.75 million of a new credit facility. A final court hearing to review and approve the entire facility, which is for an amount of up to $46 million, is scheduled for October 11, 2001. Dairy Mart's DIP financing is provided by a group of lenders led by Foothill Capital Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Company. The DIP facility will be used for employee salaries and benefits, ongoing operations and other working capital needs. A key use of the facility will be payments to vendors on agreed-to terms for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. rendered after Dairy Mart's bankruptcy petition. Gregory G. Landry, president and chief executive officer of Dairy Mart, said that he appreciated the court's prompt attention: "Uninterrupted support from our suppliers is especially critical in maintaining retail operations during the early days of our chapter 11 process. The court's authorization of our interim DIP facility will go a long way towards assuring our vendors and employees. I want to thank both employees and suppliers for the support they've shown." On September 24, 2001, Dairy Mart and substantially all of its subsidiaries filed voluntary petitions for protection under chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The case is being heard by Judge Arthur Gonzalez. During the chapter 11 process, Dairy Mart and its stores will continue to operate normally. Dairy Mart Convenience Stores, Inc. owns or operates approximately 550 retail stores in seven states located in the Midwest and Southeast. For more information, visit Dairy Mart's web site at www.dairymart.com. NOTE: Statements contained in this release that are not historical facts, including those relating to Dairy Mart's ongoing operations and financing during the reorganization process, plans to build and maximize the company's value, and ability to complete a reorganization may constitute forward-looking statements. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include failure to adequately finance and improve its current operations, the failure to promptly complete and receive court approval of a plan of reorganization, adverse rulings by the bankruptcy court and other factors disclosed in Dairy Mart's periodic filings with the Securities and Exchange Commission. Dairy Mart assumes no obligation to update the information contained in this news release. |
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