Iron Age DIP budget extended through March 2

By Caroline Salls

Pittsburgh, Feb. 22 - Iron Age Corp. obtained court approval to amend the budget for its debtor-in-possession financing in light of a delay in the auction for the proposed sale of substantially all company assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

As previously reported, the court entered a second interim financing order on Feb. 14 that details receipts and disbursements through the week ending Feb. 23.

In light of the adjournment of the auction to Feb. 26, Iron Age said it requires additional financing and use of cash collateral for the period extending beyond the current budget.

As a result, the company has prepared an amended budget that extends through the week ending March 2.

Iron Age, a Westborough, Mass., retailer and distributor of safety, work and uniform shoes for the industrial, service and government sectors, filed for bankruptcy on Jan. 22. Its Chapter 11 case number is 07-40217.

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