Bankruptcy court OKs Circuit City provisions
FROM TWICE: Retailer's stock to be delisted
By TWICE staff -- Video Business, 11/11/2008
NOV. 11 | FROM TWICE: The Federal bankruptcy court here has approved Circuit City’s first day motions in yesterday’s voluntary filing for Chapter 11 reorganization.
The United States Bankruptcy Court for the Eastern District of Virginia, approved a $1.1 billion debtor-in-possession (DIP) revolving credit facility to supplement Circuit City’s working capital and provide additional liquidity while it works to reorganize the business, the retailer said.
The court also granted Circuit City authority to continue to make wage and salary payments, continue various benefits for sales clerks, and to honor customer programs such as returns, exchanges, gift cards and other pre-petition customer obligations.
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