Champion Enterprises (CHB) Receives Approval for Relief Package
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Champion Enterprises, Inc. (NYSE: CHB) today announced that Honorable Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Delaware, has approved a package of relief designed to facilitate and ensure the continued and uninterrupted operation of Champion's business, as requested.
"The Company has worked very hard to formulate the special relief it would need so that its transition into Chapter 11 would have no impact on our customers," said Champion Chairman, President and Chief Executive Officer William C. Griffiths. "We are very pleased that we received approval to continue our customer programs today, including our customer warranty programs and retailer rebate programs."
Champion also received interim Court approval of its $40 million debtor-in-possession (DIP) financing, permitting it pursuant to the terms of the facility immediate access of up to approximately $31 million to continue operations, pay employees wages and benefits and purchase goods and services going forward during the restructuring period. The final hearing on the DIP financing has been set for Thursday, Dec. 10, 2009 to approve the remainder of the DIP facility.
The Court also authorized the payment of employee wages and benefits, including commissions.
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