Mall Security Co. IPC Gets Interim OK For $12M DIP Loan

Law360, Wilmington (August 13, 2013, 4:44 PM EDT) -- Bankrupt shopping mall security firm IPC International Corp. won interim approval Tuesday of a $12 million post-petition revolving credit facility the company says will help fund its case while it zeroes in on a $21 million stalking horse sale to rival Universal Protection Service LLC.

U.S. Bankruptcy Judge Mary F. Walrath agreed to give the green light to debtor-in-possession financing from prepetition lender the PrivateBank and Trust Co., giving IPC interim access to up to $8 million in revolving credit, with the ability to tap more...
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