Tousa Gets Green Light To Tap $135M

Law360, New York (February 1, 2008, 12:00 AM EST) -- Ignoring noteholder protests, a federal bankruptcy judge has given homebuilder Tousa Inc. the go-ahead to draw upon $135 million to finance its Chapter 11 reorganization and keep operations up and running.

Judge Olson signed off Wednesday on the tentative financing package, setting a Feb. 28 deadline for a final hearing on the matter, while also approving Tousa's bid to continue normal business dealings in the interim.

"The relief granted by the court today will allow the company to focus on executing its reorganization strategy and, at...
To view the full article, register now.