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Byline: Katie Anderson
Bankrupt Malden Mills Industries Inc., which makes Polartec outerwear, received court approval Nov. 30 to tap $6.6 million of a $20 million debtor-in-possession financing being provided by a GE Capital Corp.-led consortium of banks, according to the company's attorney.
Privately held Malden Mills will use the money to continue its textile operations which never fully recovered from a devastating fire in 1995 at its mill in Lawrence, Mass., where it is based.
Judge Joel B. Rosenthal in the U.S. Bankruptcy Court District of Massachusetts in Worcester approved the interim financing and will decide on the remainder at a Dec. 18 …