Urban Brands receives interim access to $6 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 23 - Urban Brands, Inc. was granted interim access to its $6 million of 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.

The final hearing is scheduled for Oct. 13.

Interest will be Prime rate plus 700 basis points.

The facility will mature on the earliest of Oct. 29, 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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