Atlantic Express Transportation Corp. yesterday received the bankruptcy court's approval of $53.5 million in bankruptcy financing, Dow Jones Newswires reported yesterday. Bankruptcy Judge Sean Lane said yesterday that it's clear Atlantic Express is unable to secure financing on better terms than those being provided by Wells Fargo Bank and that without this financing, the company would have to cease operations. Previously, Judge Lane granted the company access to $10 million of this loan provided by Wells Fargo Bank on an interim basis. The approval yesterday guarantees Atlantic Express's ability to tap the full amount of the loan, which matures Jan. 15.
