Iron Age DIP maturity extended to May 31 to continue wind-down

By Caroline Salls

Pittsburgh, Jan. 2 - Iron Age Corp. obtained court approval to extend the maturity of its debtor-in-possession facility to May 31 from Dec. 31, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Specifically, the DIP facility will now mature on the earliest of May 31, upon conversion of the case to Chapter 7 bankruptcy and upon dismissal of the Chapter 11 case.

Iron Age said it needs continued DIP financing while it winds down its affairs and pays administrative expenses.

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, 2007. Its Chapter 11 case number is 07-40217.

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