Bakers Footwear wins OK to increase interim DIP loan to $8.7 million

By Caroline Salls

Pittsburgh, Oct. 25 - Bakers Footwear Group, Inc. received court approval to amend its interim debtor-in-possession order by increasing the borrowing amount to $8.7 million from $6 million, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Missouri.

The company said it requested interim approval for $6 million in DIP financing based on its projected needs through Oct. 27.

However, Bakers said the final DIP loan hearing was set for Oct. 31, several days later than the company expected.

According to the motion, the amendment is based largely on the company's cash needs during the week ending Nov. 3 and partly on changes to its expected borrowing needs in light of several weeks of actual results and revised projections.

Bakers, a St. Louis-based footwear retailer, filed for bankruptcy on Oct. 3. Its Chapter 11 case number is 12-49658.

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