Quantum Foods' Ch. 11 Stays Afloat With Revived $60M DIP
By Matt Chiappardi
Law360, Wilmington (May 21, 2014, 3:44 PM ET) -- A Delaware bankruptcy judge on Wednesday gave Quantum Foods LLC the OK to revive its $60 million debtor-in-possession loan and find so-called turnkey buyers, allowing the meatpacker to keep its Chapter 11 case alive after a $54 million stalking horse sale to an Oaktree Capital Management LP unit collapsed.
At a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge Kevin J. Carey granted Quantum's request to amend its DIP financing package from prepetition lender Crystal Financial LLC, in a way that changes the budget to cover the...