The liquidity support was approved under the EC’s 'extraordinary crisis rules for state aid to banks.'
The legislation passed Wednesday establishes a board to oversee Puerto Rico's finances, including a restructuring of its $72 billion debt.
The Chapter 11 petition listed total liabilities of $9.97 billion against assets of $1.56 billion.
CFO David Dick says Sycamore Partners "used its leverage" over one of the retailer's suppliers to precipitate the bankruptcy.
The New York grocery store chain will continue operating under a prepackaged Chapter 11 filing.
The bankruptcy petition listed assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.
Vestis Retail is shuttering its Sports Chalet stores but is hoping its two other brands will continue operating under new ownership.
The oil and gas producer has an agreement with bondholders to eliminate about $400 million in debt from its balance sheet.
The company believes it has sufficient liquidity, including about $180 million of cash on hand as of March 31, to continue operations.
The firms now have until Oct. 1 to show they can survive a financial collapse without a taxpayer bailout.