Iron Age interim DIP budget extended to March 16

By Caroline Salls

Pittsburgh, March 12 - Iron Age Corp. obtained court approval of a third extension to its debtor-in-possession financing budget that extends the interim DIP budget to March 16 from March 9, according to a Friday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

According to the motion, Iron Age learned on Thursday of lender GMAC Commercial Finance LLC's preference for a disposition strategy for the company's assets.

As a result, the company said it needs additional financing and use of cash collateral for the period extending beyond the current budget in order to finalize a plan of action, prepare related motions and prepare a wind-down budget.

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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