Bankrupt Electric Transit Bus Co. Seeks $3M Ch. 11 Loan
By Matt Chiappardi
Law360, Wilmington (August 28, 2013, 5:20 PM ET) -- Electric and alternative fuel transit bus manufacturer DesignLine Corp., driven into bankruptcy after losing pledged funding connected to a major contract with New Jersey Transit, sought permission late Tuesday to obtain $3 million in post-petition financing from a group of funds managed by Cyrus Capital Partners LP.
The North Carolina-based company intends to use the funds to help it put together either a going-concern sale of the business or a liquidation as it tries to dig itself out of about $40 million in debt, according to...