San Antonio-based A’Gaci, the women’s fashion and accessories retailer, is moving toward emerging from bankruptcy, the San Antonio Express-News reported. A’Gaci this week received bankruptcy court approval to enter into a commitment letter for up to $12 million in financing from a Boston lender. "It’s critical for the debtor to obtain exit financing in order to emerge from Chapter 11,” Ian Peck, an A’Gaci bankruptcy lawyer, said at a Tuesday court hearing before Chief U.S. Bankruptcy Judge Ronald King approved the request. A’Gaci filed for bankruptcy protection in January, blaming its financial problems on a failed expansion, last year’s hurricanes affecting its most profitable stores, and the delayed implementation of an inventory management system. It had $82.9 million in assets and $62.1 million in liabilities the day it filed for bankruptcy, a court filing indicates.
