PORTLAND, Ore. (AP) — Grocery chain Haggen has been granted the right to borrow up to $215 million, two days after it filed for Chapter 11 bankruptcy.
The Oregonian reports (http://bit.ly/1VRcF4p ) that documents filed in the U.S. District bankruptcy court in Delaware on Thursday show the court will allow the Bellingham, Washington-based Haggen to use the borrowed funds to operate its 164 store through its Oct. 5 bankruptcy hearing.
According to court documents, the struggling grocer owes its creditors more than $55 million.
Earlier this year, Haggen bought 146 Albertsons and Safeway stores, expanding from 18 stores in Oregon and Washington into new markets in California, Nevada and Arizona.
Information from: The Oregonian, http://www.oregonlive.com