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* Receives court approval on "first day" motions in its reorganization filing * Announced approval of its operational "first day" motions by the U.S. bankruptcy court in Delaware on December 31, 2008 * Says it received interim bankruptcy court approval of its $75 million debtor-in-possession (dip) financing. * Says dip financing includes option to convert it into a three-year exit financing facility * Says will use interim dip financing to continue to pay vendors and to provide operational and financial stability as it proceeds with its restructuring. * Final dip hearing is scheduled for January 20, 2009. * Says it received court approval to pay pre-petition employee wages, health benefits and other employee obligations during its restructuring under chapter 11 ((New York Equities Desk; tel: +1 646 223 6000)) (For more news about Constar International Inc click here:) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. MMMM For full details for CNST click here.
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