LL Flooring Files For Chapter 11 Bankruptcy Protection

(RTTNews) - LL Flooring Holdings Inc. (LL) and certain of its subsidiaries have commenced voluntary Chapter 11 reorganization proceedings in the U.S. Bankruptcy Court for the District of Delaware. It intends to use the proceedings to pursue a going-concern sale of its business, the company said in a statement.

LL Flooring noted that it has received a commitment for debtor-in-possession or "DIP" financing of up to $130 million from its existing bank group led by Bank of America. Following Court approval, the incremental liquidity provided by the DIP financing, combined with cash generated from the company's ongoing operations is expected to support the business during the proceedings.