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Eddie Bauer Holdings, Inc. (EBHI) announced that the U.S. Bankruptcy Court has granted relief requested by the Company in its "First Day Motions" filed with the Court. The orders issued by the Court ensure that the Company will continue normal operations as it moves forward with its sale process. All of Eddie Bauer's 371 stores, its catalog operations and its websites (www.eddiebauer.com and www.firstascent.com ) are open and serving customers as usual.
The Court granted interim or final approval of the Company's requests to pay vendors under normal terms for goods and services provided on or after the petition date of June 17, 2009; pay its employees in the usual manner and to continue without disruption their primary benefits; and continue the Company's customer programs including honoring its gift cards and certificates, returns, its loyalty programs and its credit card program.
The Court also granted interim approval for the Company to access the $90 million it requested of its new $100 million Debtor-in-Possession (DIP) facility from its existing revolving credit lenders. The DIP facility is expected to provide the Company with ample liquidity to meet its ongoing obligations during the sale process. A hearing for final approval of the full DIP facility has been scheduled for July 7, 2009.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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