ORANGE COUNTY

Baldwin Bailout Inked: An $85-million loan enabling struggling Orange County developer Baldwin Co. to pay off an estranged financial backer and start building homes again was approved Friday in U.S. Bankruptcy Court in Santa Barbara. Funds are to be made available next week. Baldwin will use $70 million to repay General Electric Capital Corp. and $15 million for operations. Baldwin filed for bankruptcy reorganization July 18 after G.E. cut off its credit line. The new lenders include three institutions that own most of the $155 million in junk bonds Baldwin sold in 1993. Separately, $4 million in bills were filed this week by the lawyers and accountants representing Baldwin and its creditors committee. The bills cover services from July 18 through Nov. 15.