Velti Secures $25M DIP Loan After Striking Creditor Deal

Law360, Wilmington (December 02, 2013, 7:03 PM ET) -- A Delaware bankruptcy judge gave final approval Monday for a $25 million revolving post-petition loan for U.S. units of mobile marketing firm Velti PLC after hearing the debtors had reached a settlement with the creditors committee that could provide the previously out-of-the-money unsecured creditors with a small recovery.

At a hearing in Wilmington, attorneys for Velti and post-petition lender GSO Capital Partners LP, the credit arm of The Blackstone Group LP, as well as the official creditors committee told U.S. Bankruptcy Judge Peter J. Walsh that...
To view the full article, register now.