Urban Brands gets final approval to access $6 million DIP facility

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Urban Brands, Inc. was granted final approval to access its $6 million debtor-in-possession financing from Bank of America, NA, according to a Wednesday filing with the U.S. Bankruptcy court for the District of Delaware.

As previously reported, interest will be prime rate plus 700 basis points.

The facility will mature on Oct. 29 at the earliest, the occurrence of an event of default, approval of a sale of substantially all company assets and the effective date of a plan of reorganization.

Urban Brands, a Secaucus, N.J.-based plus-sized apparel retailer, filed for bankruptcy on Sept. 21. Its Chapter 11 case number is 10-13005.

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