Falcon Products given OK to pay Wells Fargo Foothill's expenses for exit facility

New York, Sept. 29 - Falcon Products, Inc. received authorization to pay costs and expenses for a proposed exit facility via Wells Fargo Foothill, Inc., according to a filing Wednesday with the U.S. Bankruptcy Court for the Eastern District of Missouri.

The facility will be a revolver and will be used, among other things, to pay allowed claims.

Three lenders made proposals but Falcon believes Wells Fargo Foothill's will likely be the best, according to Falcon's motion filed Monday requesting permission to enter into a letter of agreement with the lender.

The disclosure statement for Falcon's plan of reorganization was approved on Monday, and a hearing to confirm the plan is scheduled for Oct. 6.

The St. Louis manufacturer of commercial furniture made a prepackaged filing for Chapter 11 on Jan. 31, 2005. Its case number is 05-41108.

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