Judge OKs $1.3M DIP Loan For Air America

Law360, New York (February 2, 2007, 12:00 AM EST) -- A New York bankruptcy judge has signed off on an additional $1.3 million in financing for Air America Radio in a deal in which the liberal radio will have to sell off assets worth at least as much as the borrowing amount.

Judge Robert D. Drain of the U.S. Bankruptcy Court in the Southern District of New York greenlighted the deal, which is part of the $3.3 million the firm is eligible for under its debtor-in-possession loan.

Air America Radio, which lost $41 million and went...
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