Quigley looks to extend DIP loan to Aug. 24, access cash collateral

By Caroline Salls

Pittsburgh, Feb. 3 - Quigley Co., Inc. requested court approval to extend the term of its debtor-in-possession financing to Aug. 24, 2012 from Feb. 24, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Also under the 18th amendment to the original DIP loan, the company is seeking access to up to $65 million of the lender's cash collateral.

According to the motion, Quigley said it needs continued access to financing while it works with its official committee of unsecured creditors, parent and lender Pfizer Inc., the representative of holders of future asbestos personal injury demands and other interested parties toward confirmation and consummation of a reorganization plan.

A hearing is scheduled for Feb. 22.

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

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