Whitehall gets interim court OK to access $80 million DIP facility, final hearing postponed

By Jennifer Lanning Drey

Portland, Ore., Aug. 11 - Whitehall Jewelers Holdings Inc. gained interim court approval to access its $80 million debtor-in-possession financing after the hearing for final approval was pushed back for a third time, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The hearing was continued to Aug. 28 from Aug. 8 at the request of the company, the pre-petition secured parties, the term lenders and agent, DIP agent and unsecured creditors committee. The hearing was originally scheduled for July 18.

As previously reported, Bank of America, NA, Wells Fargo Retail Finance, LLC and GMAC Commercial Finance, LLC are the DIP lenders.

Whitehall said previously that it plans to use the DIP loan proceeds to fund its working capital requirements, including employee wages and benefits, supplier payments and other operating expenses.

Whitehall, a Chicago-based jewelry retailer, filed for bankruptcy on June 23. Its Chapter 11 case number is 08-11261.

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