American Safety Razor DIP Financing Approved

Law360, New York (August 25, 2010, 6:24 PM EDT) -- A bankruptcy judge has given final approval to post-petition financing intended to facilitate the sale of most of American Safety Razor Co.’s assets to its first-lien lenders, overruling the objections of junior lenders who favored a reorganization of the bankrupt blade manufacturer.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware ruled against junior lenders BlackRock Kelso Capital Corp. and GSO/Blackstone Debt Funds Management LLC after hours of testimony concerning American Safety Razor’s operations and financing negotiations — all of which...
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