IBC to continue operations despite bankruptcy filing

Published Monday, November 01, 2004

Interstate Bakeries Corp., Kansas City, Mo., cleared the first hurdle in its restructuring process by receiving interim court approval for $200 million debtor-in-possession (DIP) financing. This approval gives the company immediate access to $50 million to continue operations, pay employees and purchase goods and services. The final hearing on DIP financing occurs in late October. If approved, IBC will gain access to the remaining cash in the DIP facility. The company also received approval to pay pre-petition and post-petition employee wages and salaries during its restructuring under Chapter 11 bankruptcy. IBC filed for Chapter 11 bankruptcy protection on ...

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