Bauer Lands DIP Facility
Seattle-based retailer Eddie Bauer Holdings Inc. received final authorization to utilize its $100 million debtor-in-possession (DIP) loan facility from its existing revolving credit lenders, Bank of America, N.A., GE Capital Corp. and CIT Group/Business Credit Inc. The money will be used to meet “certain ongoing obligations to employees, customers, suppliers and other key constituents.” The company filed for Chapter 11 bankruptcy protection in June and announced plans to find a buyer for the business. The company has struck an asset purchase, or “stalking horse,” agreement with an affiliate of CCMP Capital Advisors LLC; the agreement is subject to an auction and bankruptcy-court approval. The court has setJuly 16 as the auction date, with a hearing to approve the sale set for July 22.
