Bankruptcy Update: Linens, Whitehall and more

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

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Linens 'N Things files plan
Bankrupt household goods retailer Linens 'N Things Inc. has filed a reorganization plan that gives its senior noteholders 100% of its stock and a $100 million note. Under the plan, the $700 million debtor-in-possession loan from General Electric Capital Corp. will be paid in full in cash. For more on details on the restructuring see the full story on TheDeal.com. - Jamie Mason

Whitehall DIP gets fourth interim OK
Bankrupt Whitehall Jewelers Holdings Inc. received fourth interim approval to use an $80 million debtor-in-possession loan led by prepetition lenders Bank of America NA and Wells Fargo Retail Finance LLC. The final hearing is scheduled for Sept. 12. - Jamie Mason

Smith Family creditor gets stay relief
A Florida judge has granted a secured creditor of real estate developer Smith Family Homes Corp. relief from stay in an effort to proceed with a foreclosure action. A judge granted Clearwater, Fla.-based lender Regions Bank relief from automatic stay so that it may "exercise its rights as a secured creditor," according to court papers. - Kevin Fung

SageCrest gets extension
Bankrupt SageCrest Finance LLC will now have until the end of the month to file financial statements as the hedge fund attempts to shop its assets. A judge extended SageCrest's deadline for filing documents to complete the Chapter 11 petition it made on Aug. 17. The extension is until Sept. 27, and a status conference will be held on Sept. 23 to review the case's progress. - Terry Brennan

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