Ritz Camera hearing for final DIP loan approval delayed by one week

By Jennifer Lanning Drey

Portland, Ore., March 19 - Ritz Camera Centers, Inc.'s hearing for final approval to obtain $85 million of debtor-in-possession financing from Wachovia Bank, NA was adjourned to March 26, according to a source familiar with the case.

The hearing was originally scheduled for March 19 in the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company was granted interim access to the facility on Feb. 25.

Ritz's official committee of unsecured creditors has objected to the financing agreement, claiming its borrowing base formula would provide little availability for the company while charging a $1.7 million fee.

Ritz, a Beltsville, Md.-based specialty camera and image chain, filed for bankruptcy on Feb. 22. Its Chapter 11 case number is 09-10617.

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