Quigley: Court approves DIP loan extension, access to cash collateral

By Lisa Kerner

Charlotte, N.C., Feb. 22 - Quigley Co., Inc. was granted court approval to extend the term of its debtor-in-possession financing to Aug. 24 from Feb. 24 by the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, according to an attorney familiar with the case.

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

In making its motion seeking access to the cash collateral, Quigley said it needed 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.

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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