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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.
Whitehall can tap $22M on DIP
Bankrupt Whitehall Jewelers Holdings Inc. received interim approval to use its cash collateral and $22 million of its debtor-in-possession financing. Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware in Wilmington granted access to the financing despite objections and set a final hearing on the loan for July 18. -- Jamie Mason Progressive can tap cash collateral Canadian auto parts supplier Progressive Moulded Products Ltd. has begun its trek through bankruptcy by winning access to some postpetition cash. The Thomas H. Lee Partners LP-owned company won interim approval to tap into the cash collateral that will help finance its Chapter 11 stay. A final hearing on cash collateral use is set for July 14. -- Ben Fidler Death Row assets bring $24M Global Music Group Inc. has emerged as the winner of the music-related assets of bankrupt Death Row Records Inc. in the second such sale in two days. The $24 million sale of the record label's music assets was approved following the auction. --Jamie Mason Midwest CEO: Expect cuts Leaders of troubled Midwest Air Group Inc. told employees that its private equity owner remains committed to the company but warned that deep cuts would be necessary to keep the airline aloft. Midwest CEO Tim Hoeksema said in a memo that TPG Capital, which led a consortium that purchased the airline for $450 million in February, is committed to supplying additional financing to help the regional carrier weather soaring fuel prices. -- Lou Whiteman Categories Deal Video
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