By  on July 30, 2009

Boscov’s Inc. appeared to clear the final hurdle in its battle to emerge from Chapter 11 in family hands Tuesday night when freeholders in Atlantic County, N.J., voted 7 to 2 in favor of guaranteeing $1 million under the federal government’s Section 108 loan program.

Boscov’s needed Atlantic County to cap the $300 million package of government loans and private equity required to seal emergence from Chapter 11 bankruptcy. That was backed since December by a combined $200 million credit line from Bank of America, Wells Fargo, GE Finance and CIT. It also includes $53 million from the Boscov and Lakin families and $35 million from the state of Pennsylvania, where Boscov employs 5,000 out of a total of about 9,000.

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