Iron Age $23.6 million DIP approved

By Caroline Salls

Pittsburgh, March 21 - Iron Age Corp. obtained final approval of its $23.6 million debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Proceeds from the DIP facility will be used to fund expenses reflected in a budget through advances of amounts applied to pre-bankruptcy debt and new advances.

Interest will be Prime rate plus 200 basis points.

The DIP will mature on Dec. 31, 2007.

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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