Z Gallerie gets final order permitting debtor-in-possession financing

Chicago, Nov. 1 – DirectBuy Home Improvement, Inc., which does business as Z Gallerie, received the sign-off on the final order approving up to $2.2 million of debtor-in-possession financing, according to an order filed with the U.S. Bankruptcy Court for the District of New Jersey as the result of a Nov. 1 hearing.

The secured superpriority DIP financing will consist of a new money and a roll-up term loan, in equal proportions.

The facility carries no interest or fees and is set to mature on Jan. 13.

Interim access was granted to $400,000 of the new money facility in mid-October.

With the final order, the debtor may access the remaining $700,000 of the new money subject to terms and conditions and the roll-up loan will be funded.

Z Gallerie was also authorized to use cash collateral.

Z Gallerie is a Gardena, Calif.-based furniture retailer. The company filed bankruptcy on Oct. 16 under Chapter 11 case number 23-19159.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.