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

By Lisa Kerner

Charlotte, N.C., Aug. 16 - Quigley Co. Inc. was granted approval by the U.S. Bankruptcy Court for the Southern District of New York on Monday to extend the term of the company's debtor-in-possession financing to Feb. 24, 2012 from Aug. 19 as well as approval to use up to $65 million of cash collateral, according to an attorney familiar with the case.

As previously reported, 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 is the 17th amendment to Quigley's original DIP financing order.

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

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