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COURT ORDER OKS MOBILEMEDIA PLAN

RIDGEFIELD PARK, N.J.-The Delaware bankruptcy court issued a final order approving MobileMedia Corp.’s $200 million debtor-in-possession financing agreement with Chase Manhattan Bank of New York.

This Feb. 19 order allows MobileMedia access to another $30 million from the DiP fund, for a total of $100 million.

On Jan. 30, the bankruptcy court entered an interim order approving the DiP facility. As a result, MobileMedia gained access to an initial $70 million, of which $48 million was used to repay suppliers and place new equipment orders.

MobileMedia filed Chapter 11 bankruptcy earlier this year.

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