ROCKY HILL, Conn. -- Ames Department Stores Inc. said that the U.S. Bankruptcy Court for the Southern District of New York has approved a one-year extension of its $200 million debtor-in-possession financing, to Oct. 30, 1993.

The revolving credit facility will be provided by a syndicate of institutions led by Chemical Bank, as was the $250 million line that expires Oct. 24, the company said.

Ames sought a $50 million reduction in the credit line because of store closings, limited seasonal borrowings the last two years, and a continued reduction in borrowings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.