Huffy Corporation has received interim approval for certain of the Company's first day motions, including arrangements for up to $50 million in debtor-in-possession financing from Congress Financial Corporation to fund post-petition operating expenses, supplier and employee obligations following the hearing held by the United States Bankruptcy Court for the Southern District of Ohio. Final approval of the motions will follow a hearing scheduled for November 18, 2004.
The Company also indicated that the Court's interim approval of these first day motions means operations will continue as usual, permitting current employee medical, dental, life insurance and other employee benefits to continue, and allowing payments to be made to vendors, suppliers and other business partners under normal terms for post-petition goods and services.
