Bombay Company has obtained debtor-in-possession (DIP) financing for $115 million, following an earlier bankruptcy filing with the U.S. bankruptcy court in Fort Worth, Texas.
The troubled specialty home decor retailer will receive DIP financing from GE Corporate Lending and GE Canada Finance.
"We are proceeding with the restructuring plans as outlined in our filings E and we continue to operate our business as usual during this process," said David Stewart, Bombay CEO.
In its earlier filing with the U.S. District Court, Bombay said it had $239.4 million in assets and $173.4 million in debts as of May 5.
Bombay designs, sources and markets home decor products through 384 retail outlets and an e-commerce site.