Bankruptcy Update: Kimball, Bag'n Baggage, Palco

Here are some of the latest bankruptcy stories our reporters have been covering Thursday morning on TheDeal.com. For more bankruptcy coverage, check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

Kimball can tap tax refund
A Chicago bankruptcy judge authorized homebuilder Kimball Hill Inc. to use a $51.9 million federal tax refund as postpetition financing. - John Blakeley

Bag'n Baggage heads for auction
Bag'n Baggage Ltd. is using its second bankruptcy in five years to unload its assets either as a going concern or in piecemeal fashion. The struggling luggage seller will have a hearing on May 22 on bidding procedures that outline a sale of the company over the next few weeks. The debtor has asked the court to set a May 29 auction and a hearing to approve the sale a day later. - Ben Fidler

BoNY sweetens Palco plan
As bankrupt Pacific Lumber Co. readies for another round of contested confirmation hearings Thursday, Bank of New York Trust Co. NA is doing what it can to make its plan more appealing. BoNY, the indenture trustee for $713.8 million in notes issued by Palco affiliate Scotia Pacific Co., filed a notice stating that it has arranged a $10 million debtor-in-possession loan from Lehman Commercial Paper Inc., should its plan win confirmation. - John Blakeley

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