Revstone Lender Looks To Foreclose On Defunct Unit

Law360, Wilmington (February 20, 2013, 10:28 PM EST) -- Revstone Industries LLC's largest secured creditor told a Delaware bankruptcy judge Wednesday that it must be allowed to foreclose on the assets of a defunct Revstone subsidiary because the unit has no hope of reorganizing and is frittering away the firm's security.

Boston Finance Group LLC, which holds a $4.5 million lien against US Tool & Engineering LLC, blasted the the unit's efforts to liquidate the equipment and said the value of that collateral would continue to deteriorate unless the lender is allowed to take control...
To view the full article, register now.