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Court OKs Crystal Brands Financing

NEW YORK -- Crystal Brands Inc., operating in Chapter 11, got interim bankruptcy court approval for $50 million financing from Citibank.<BR><BR>The financing includes a $20 million sub-limit for letters of credit, according to Alan Miller of Weil,...

NEW YORK — Crystal Brands Inc., operating in Chapter 11, got interim bankruptcy court approval for $50 million financing from Citibank.

The financing includes a $20 million sub-limit for letters of credit, according to Alan Miller of Weil, Gotshal & Manges, counsel to Crystal Brands.

A final hearing on a $75 million financing packaging from Citibank is scheduled for Thursday at 2 p.m before Bankruptcy Judge Prudence Abram.

The company filed its Chapter 11 petition here last week. With the filing, it said it is considering the sale of its costume jewelry operations as part of its reorganization.

Crystal Brands manufactures jewelry under the Monet, Trifari and Marvella names.