Advanced Marketing hearing for $75 million DIP facility approval further continued

By Jennifer Lanning Drey

Portland, Ore., Feb. 6 - Advanced Marketing Services, Inc.'s hearing on final approval of its $75 million debtor-in-possession facility from Wells Fargo Foothill, Inc. was continued to Feb. 12, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The hearing began on Jan. 24 and has now been continued by the court twice.

As previously reported, Advanced Marketing's official committee of unsecured creditors objected to the DIP request on Jan. 26, saying it would burden the company with fees and may reduce liquidity.

The company was granted interim approval of the DIP facility on Jan. 3.

Advanced Marketing, a San Diego-based provider of customized merchandising, wholesaling and contract distribution services, filed for bankruptcy on Dec. 29. Its Chapter 11 case number is 06-11480.

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