Quigley DIP financing extended to March 10

By Caroline Salls

Pittsburgh, Feb. 19 - Quigley Co. Inc.'s debtor-in-possession financing was extended to March 10 under a bridge order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company has asked the court to extend the DIP financing to Aug. 18, 2009 and for approval to use up to $45 million of cash collateral.

However, since the facility was scheduled to expire on Feb. 19 and the hearing on the extension will not be held until March 10, the court approved the bridge extension.

Quigley said it is requesting the extension and cash collateral use so it has continued access to financing, if needed, while it works with its official committee of unsecured creditors, parent Pfizer Inc. and its future asbestos claimant representative toward confirmation of a consensual plan of reorganization.

The company said it has never drawn on its DIP facility because it has been funding its operations through the use of cash collateral.

Quigley, a unit of Pfizer Inc., filed for bankruptcy on Sept. 3, 2004. Its Chapter 11 case number is 04-15739.

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