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Rendell: State Secures Loans To Help Boscov's

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Nov 20, 2008 12:10 pm US/Eastern

Rendell: State Secures Loans To Help Boscov's

HARRISBURG (KDKA) ― Gov. Ed Rendell says the state has secured $35 million in federal loans to help regional department store chain Boscov's exit bankruptcy.

Rendell said Thursday the loans would be financed through a program that allows governments to guarantee loans for economic development with federal community development block grants.

Reading-based Boscov's filed for Chapter 11 protection in August and announced that it would close 10 of its 49 stores.

Rendell says Boscov's won't have access to the federal loans if it can't obtain bridge loans that are part of more than $300 million in financing the chain will need to exit bankruptcy.

Boscov's is in the midst of court hearings in Delaware on its bankruptcy sale to two former executives.




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