Bankrupt Racino Operator Wins $5M DIP Loan

Law360, New York (April 8, 2011, 7:45 PM EDT) -- Indianapolis Downs LLC received bankruptcy court approval in Delaware on Friday for a $5 million debtor-in-possession loan to keep its racino running, along with a slew of other first-day motions.

The company will later seek approval of the remainder of its $103.5 million DIP financing facility provided by Wells Fargo Bank NA, and use it to pay off its $98 million of first lien debt in full, Nancy Mitchell of Greenberg Traurig LLP, an attorney for the debtors, said at a hearing in the U.S. Bankruptcy...
To view the full article, register now.