Ritz Camera gets financing

BELTSVILLE, Md. - Ritz Camera Centers Inc., the largest camera-store chain in the U.S., won court approval for $85 million in financing from its existing secured lenders while it reorganizes.

U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., authorized the so-called debtor-in-possession financing on an interim basis.

A March 19 hearing has been set for final financing approval, according to court papers. Wachovia Bank NA is agent for the lenders. Ritz filed for bankruptcy protection Feb. 22, blaming the deepening U.S. recession and a consumer transition to digital photography.

The 91-year-old company, which had sales of almost $1 billion in 2008, has both assets and debt of less than $500 million, according to Chapter 11 papers. Ritz has about 800 locations in more than 40 states.