Modern Continental looks to extend DIP financing through June 30

By Caroline Salls

Pittsburgh, May 11 - Modern Continental Construction Co., Inc. has asked the U.S. Bankruptcy Court for the District of Connecticut to extend its debtor-in-possession financing through June 30 from May 8, according to a Monday filing with the U.S. Bankruptcy Court for the District of Connecticut.

The company said the amount it will be permitted to spend between May 8 and June 30 will not exceed $2.06 million.

Proceeds will be used for working capital and general corporate purposes, to pay the costs and expenses related to administering the company's bankruptcy case and for the operation of its business through June 30.

Modern Continental, a Dedham, Mass., contractor, filed for bankruptcy on June 23, 2008. Its Chapter 11 case number is 08-14558.

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