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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Jim Bishop who started this subject12/12/2001 12:39:46 AM
From: stockpup  Read Replies (2) of 150070
 
ARCH NEWS JUST OUT: They got the
MONEY!!!!!!!!!!!!

WASHINGTON -(Dow Jones)- Bankrupt communications company Arch Wireless Inc. ( ARCH) has received interim court approval of a $50 million debtor-in-possession loan that will allow it to continue normal operating activities.
The interim order issued by the U.S. Bankruptcy Court in Worcester, Mass., Monday approves a financing deal that includes Toronto Dominion (Texas) Inc. as administrative agent, TD Securities Inc. as arranger and the CIT Group/Business Credit Inc. as collateral agent.

"This order will minimize disruption of the debtors' businesses and operations and permit them to obtain needed supplies and retain customer and supplier confidence by demonstrating an ability to maintain normal operations," court papers said. "The financing arrangements...are vital to preserve and maintain the going concern value of the debtors' estates."

A final hearing on the financing is set for Jan. 10 before U.S. Bankruptcy Judge Henry J. Boroff. Objections are due Jan. 3.

The $50 million loan includes a $5 million sublimit for letters of credit. Court papers say the loan's size is based on a borrowing base consisting of 75% of eligible accounts receivable, less certain reserves.

Arch Wireless, Westborough, Mass., provides wireless messaging and information services in the U.S. On Dec. 7, the company filed for Chapter 11 protection, listing assets of $696.4 million and liabilities of $2.16 billion.
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