Bankrupt Highway Tech Gets Nod On Settlement, $3M DIP
By Matt Chiappardi
Law360, Wilmington (August 14, 2013, 7:57 PM ET) -- A Delaware bankruptcy judge gave the final OK on Wednesday to Highway Technologies Inc.'s $3 million post-petition loan, and a global settlement among creditors over the objections to the agreement from the U.S. Trustee's Office, which argued the terms turned the Bankruptcy Code “on its head.”
U.S. Bankruptcy Judge Kevin J. Carey said he labored over his decision, weighing two scenarios: one where he approves a settlement that would allow unsecured creditors to see at least some money, and another where he rejects it and the...