Quigley wins OK of DIP extension, use of $70 million cash collateral

By Jim Witters

Wilmington, Del., Feb. 21 - Quigley Co., Inc. received court approval to amend its debtor-in-possession financing facility to extend the term to Aug. 24 from Feb. 24 and to allow the company to use as much as $70 million of the lender's cash collateral, according to debtors attorney Lawrence Gelber.

The ruling came during a Feb. 21 hearing in the U.S. Bankruptcy Court for the Southern District of New York.

Quigley said both classes of asbestos personal injury claimants voted overwhelmingly to accept its fifth amended and restated Chapter 11 plan, but the class of unsecured claimants rejected it.

The parties have requested a Feb. 26 status conference with the court to fix dates for the confirmation hearing.

The DIP facility extension gives Quigley ongoing access to financing while it continues to work toward confirmation and effectiveness of a reorganization plan, the company said.

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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