Bankruptcy Update: Main Knitting, Goody's, LandSource

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

Main Knitting hearing Friday
Garment maker Main Knitting Inc. will seek recognition Friday of its Canadian bankruptcy as its main bankruptcy after settling jurisdictional challenges with a mortgage lender. - Terry Brennan

Goody's gets OK for DIP, sales
Bankrupt clothing store retailer Goody's Family Clothing Inc. has gotten interim approval to use its $210 million debtor-in-possession loan. The final DIP hearing has been set for July 15. - Jamie Mason

LandSource gets interim DIP nod
Bankrupt LandSource Communities Development LLC has been cleared to tap into the biggest debtor-in-possession loan ever for a real estate company. The land developer, which California Public Employees' Retirement System owns, among others, won interim approval of a $1.185 billion debtor-in-possession loan from a group led by prepetition lender Barclays Bank plc and Marathon Special Opportunity Fund LP. - Ben Fidler

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