Great Atlantic & Pacific Tea receives waivers allowing access to $50 million

By Sara Rosenberg

New York, June 19 - The Great Atlantic & Pacific Tea Co. Inc. said it received waivers from its lenders, allowing the company to borrow up to $50 million under its credit facility until July 29. At June 19, the company had no outstanding borrowings under its bank loan.

"Management believes this amount will be sufficient to satisfy its working capital needs pending completion of the Company's review," the company said in a press release.

The Montvale, N.J. retail food company expects to complete its review of accounting issues and file its annual report by July 3.

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