Bankrupt Pipe Maker Gets Interim Nod For $11.5M DIP

Law360, Wilmington (June 17, 2014, 7:38 PM ET) -- Pipe manufacturer PSL-North America LLC won interim approval Tuesday for a $11.5 million debtor-in-possession facility, which the company will tap to finance operations and expansion while it moves forward with a planned $100 million sale to Jindal Tubular USA LLC

A supplier of pipe to the oil and gas industry, PSL-NA entered Chapter 11 after lining up Jindal Tubular as a stalking horse bidder, and the DIP package is crucial to preserving the company's current and future value as it seeks to branch out into water...
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