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