The successor company to bankrupt clothing retailers Syms Corp. and Filene's Basement has struck a deal for up to $50 million in financing to pay off its remaining creditors, Dow Jones Daily Bankruptcy Review reported today. Trinity Place Holdings Inc. emerged from the ashes of Syms's and Filene's chapter 11 bankruptcy in 2012. Sterling National Bank and Israel Discount Bank of New York are providing an initial $40 million loan with the option for another $10 million.
