Though Stage Stores Inc. which filed for Chapter 11 on June 1, obtained a large debtor-in-possession facility of $450 million from Citicorp, sources believe that may not be enough to bring it back to health. The United States Bankruptcy Court for the Southern District of Texas last week approved the credit agreement, but the news did not lift Stage’s seriously distressed bonds, sources said, as its $200 million 8.5% senior subordinated notes were trading at 6 cents on the dollar and its $100 million of senior subordinated 9% paper traded at 3 cents.
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