Quigley eyes DIP loan extension, access to $65 million of lender cash

By Caroline Salls

Pittsburgh, July 29 - Quigley Co. Inc. requested court approval to extend the term of its debtor-in-possession financing to Feb. 24, 2012 from Aug. 19 and allow the company to use up to $65 million of cash collateral, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Quigley said the use of the cash collateral and the DIP loan extension will give it continued access to financing while it continues to work with its official committee of unsecured creditors, parent Pfizer Inc. and the future asbestos claims representative toward confirmation of a consensual plan of reorganization.

This represents the 17th amendment to Quigley's original DIP financing order.

A hearing is scheduled for Aug. 16.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.