Daisytek US subsidiaries receive extension of court approval; Extends use of cash collateral to 13 June
Daisytek International’s US subsidiaries have received consensual approval from the bankruptcy court and its US lending syndicate to extend use of a significant percentage of the lenders’ cash collateral through to 13 June 2003. Approval had previously been granted through to 20 May.
The company says the use of the cash collateral allows its US subsidiaries to continue to pay salary obligations, general and administrative operating expenses, in addition to building sufficient inventory levels at its Arlington Industries Inc and the Tape Company subsidiaries and to maintain inventory levels at Digital Storage.
Daisytek’s US subsidiaries filed for Chapter 11 on 7 May.
22-May-2003
