Court OKs American LaFrance's $42M Exit Package

Law360, New York (February 26, 2008, 12:00 AM EST) -- A bankruptcy court has given its final seal of approval to a $42 million financing package that will propel fire truck builder American LaFrance LLC out of Chapter 11.

The Delaware court, which is overseeing ALF's case, also granted an emergency petition by the company to use cash collateral and set a timetable for its bankruptcy exit.

In its Tuesday orders, the court granted ALF authority to obtain an initial $10 million in post-petition, debtor-in-possession credit, and another $32 million down the track from its pre-petition...
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