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Business Digest.

Byline: The Register-Guard

CITY/REGION

Judge OKs funding for Emporium chain

Bankrupt Troutman's Emporium on Friday received approval for more short-term funding, giving the Eugene-based chain until Feb. 4 to reach a new financing deal.

In U.S. Bankruptcy Court in Eugene, Judge Albert Radcliffe approved the chain's request to spend up to $5.3 million in the next three and a half weeks to pay wages and other expenses.

Emporium filed for Chapter 11 bankruptcy reorganization on Dec. 13, and asked Radcliffe for permission to use sales receipts from its 34 stores to pay wages of 1,600 workers, rent and other expenses. Before the bankruptcy filing, Eugene-based Emporium had been channelling its sales proceeds to its major lender to pay off $19 million in debt.

Radcliffe last month agreed to Emporium's initial request to spend $6.8 million of so-called cash collateral that had been sent to Fleet Retail Finance of Boston, Mass. Radcliffe's latest order gives Emporium authority to spend the money until the next hearing, set for Feb. 4

By then, Emporium hopes to have reached a new financing deal with Fleet, Emporium President Ron Schiff said.
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Title Annotation:Business
Publication:The Register-Guard (Eugene, OR)
Date:Jan 11, 2003
Words:191
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