Anchor Blue Retail granted interim access to $20 million DIP facility

By Caroline Salls

Pittsburgh, May 28 - Anchor Blue Retail Group, Inc. was granted interim access to its $20 million debtor-in-possession financing facility from Wachovia Capital Finance, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for June 17.

The company said the DIP financing will give it working capital to meet its obligations during the reorganization.

The DIP facility will mature on the earliest of 100 days from the bankruptcy filing date, the confirmation of a plan of reorganization or liquidation and payment in full of the revolving loan.

Interest will be Prime rate plus 250 basis points.

Anchor Blue, an Ontario, Calif., holding company for its Anchor Blue Division and Levi's & Dockers Outlet by MOST Division subsidiaries, filed for bankruptcy on April 27. The Chapter 11 case number is 09-11770.

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