Wickes' DIP loan maturity extended to March 27; final hearing pushed back for second time

By Jennifer Lanning Drey

Portland, Ore., March 11 - Wickes Holdings, LLC obtained an extension to the maturity of its interim debtor-in-possession facility though March 27 in conjunction with postponement of the final hearing, according to a source familiar with the matter.

The maturity extension is the second to be granted to the company by the U.S. Bankruptcy Court for the District of Delaware. A hearing was scheduled for March 11 but was postponed to allow more time for Wickes, its official committee of unsecured creditors and its pre-bankruptcy lenders to try to resolve a reconsideration request and related objections.

Accordingly, the hearing on the committee's motion for reconsideration of the interim DIP facility approval has also been adjourned to March 27.

As previously reported, a $30 million interim DIP facility was approved on Feb. 7.

Wickes, a Wheeling, Ill., furniture retailer, filed for bankruptcy on Feb. 3. Its Chapter 11 case number is 08-10212.

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