Macy's gets court OK on $60M bank loan. (R. H. Macy and Company Inc., gets bankruptcy court's approval for a $60 million loan)

Daily News Record, January, 1992 by Auerbach, Jonathan; Doherty, Bryan

NEW YORK (FNS) -- A bankruptcy judge approved a request Wednesday by cashpoor R.H. Macy & Co. to borrow up to $60 million under the company's debtor-in-possession financing agreement.

Bankruptcy Judge Burton R. Lifland signed an order authorizing the advance, pending a final court hearing at 2 p.m. Feb. 13 on the full $600 million loan agreement with Bankers Trust and Chemical Bank.

Macy's said the $60 million will be sufficient to meet its financial needs in the initial stages of the Chapter 11 case. Harvey Miller of Weil, Gotshal & Manges, counsel to Macy's, said the advance "is critical to get this case going." The attorney added, "There are people ready to ship as soon as a DIP facility is in place."

Diane Baker, chief financial officer...

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