Linens 'N Things Gets Bankruptcy-Loan Approval From Judge
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Linens 'n Things Inc., the bankrupt housewares retailer, will be able to keep operating while it shuts 120 stores and reorganizes after winning interim permission to borrow $700 million to pay off older loans.
Should the company, taken private by Apollo Management LP, win final approval later this month, the money will be used mainly to pay off a group of 10 lenders owed at least $430 million, including General Electric Capital Corp., hedge fund operator Silver Point Finance LLC, and JPMorgan Chase & Co.