Aéropostale receives final approval for $160 million loan

Aéropostale, Inc. announced on Friday that the United States Bankruptcy Court for the Southern District of New York has granted final approval for the company to access $160 million in debtor in-possession ("DIP"). This financing will be provided by Crystal Financial LLC.

The specialty retailer of casual apparel for young women and men filed for Chapter 11 bankruptcy protection last month, where the Court gave only interim approval for the DIP financing agreement.

This financing, combined with Aéropostale's operating cash flow, will allow the retailer to meet its financial commitments and enable Aéropostale to focus on completing its restructuring process.

"We are pleased that the Court has approved our DIP financing," says Julian Geiger, Chief Executive Officer, in a news statement. "We are looking forward to emerging from this process as a leaner, more efficient business and firmly believe that we will be well-positioned to compete and succeed in today's retail environment."

Aéropostale receives final approval for $160 million loan

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