Retailer Alco Stores Secures Interim Loan Approval: Rochelle
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Alco Stores Inc., a 198-store retailer largely serving small towns in 23 states, can finance the reorganization it began this week in Dallas with an interim loan capped at $50 million and letters of credit from pre-bankruptcy secured lenders led by Wells Fargo Bank NA.
The judge yesterday signed an interim order approving the loan and allowing the company to use cash representing collateral for secured lenders’ claims.