Dell Financial Rips Proposed $1M DIP In Nirvanix's Ch. 11
By Matt Chiappardi
Law360, Wilmington (October 3, 2013, 8:48 PM EDT) -- Dell Financial Services LLC, one of the Nirvanix Inc. bankruptcy's largest creditors, blasted the cloud storage firm's proposed $1 million debtor-in-possession loan on Thursday, arguing it shifts much of the case's risk onto DFS by allowing Nirvanix to continue using leased equipment without assuring payments.
DFS, which says it's already owed $12.4 million for the use of the bulk of the equipment Nirvanix ran its cloud-based systems on, contends that without adequate assurance it will be paid its monthly lease bill, DFS is essentially funding the...