Daily News: February 3, 2012

Court Grants Interim Approval for United Retail DIP Loan


United Retail Group Inc. has received interim approval from U.S. Bankruptcy Judge Stuart Bernstein in the U.S. Bankruptcy Court in the Southern District of New York to borrow its $25 million in debtor-in-possession financing.

Judge Bernstein said he would approve the loan after minor changes were made to the wording of the agreement. Wells Fargo is providing the financing, a Bloomberg article said. Wells Fargo previously provided the company with a loan and will roll its previous debt into this new loan.

As previously announced, a Versa Capital Management affiliate has provided a stalking-horse bid for the company.

United Retail is the owner of the Avenue plus-size women