Modern Continental DIP financing extended through June 30

By Jennifer Lanning Drey

Portland, Ore., May 14 - Modern Continental Construction Co., Inc.'s debtor-in-possession financing was extended through June 30 from May 8 by the U.S. Bankruptcy Court for the District of Massachusetts, according to a Thursday filing.

The company previously said the amount it would be permitted to spend between May 8 and June 30 would 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 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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