CLOTHESTIME GETS OK ON FINANCING
NEW YORK — The Clothestime Inc., as expected, received bankruptcy court approval of its entire $40 million debtor-in-possession financing deal with The CIT Group/Business Credit Inc.
The Anaheim, Calif.-based women’s off-price chain, which filed for Chapter 11 protection on Dec. 8, had earlier gotten court approval to use $8 million of the DIP facility.
The company said in a statement that the financing should provide its vendors with “additional financial assurances.”
