Indiana Limestone Seeks Ch. 11, $26M Sale To Secured Lender
By Matt Chiappardi
Law360, Wilmington (February 18, 2014, 9:36 PM EST) -- A Delaware bankruptcy judge accepted Tuesday the Chapter 11 petition of quarrier Victor Oolitic Stone Co., which does business as Indiana Limestone Co., giving interim approval to a $3.5 million debtor-in-possession loan to help fund a proposed $26 million stalking horse sale to secured lender Indiana Commercial Finance LLC.
U.S. Bankruptcy Judge Christopher S. Sontchi also gave the interim green light to a slew of typical first-day motions, such as permission for Indiana Limestone to use its bank accounts and continue paying its nearly 140 employees,...