ABB Receives Court OK To Tap $51M In Funding

Law360, New York (April 25, 2006, 12:00 AM EDT) -- The most recently bankrupt unit of Swiss engineering giant ABB Ltd. has received court approval to tap more than $50 million in financing to maintain operations during what the company plans to be a brief stint in Chapter 11.

The approval was granted to the company’s Houston-based oil and petrochemical technology service unit, ABB Lummus Global Inc., which filed a pre-arranged bankruptcy petition and plan April 21 in the U.S. Bankruptcy Court for the District of Delaware.

Bankruptcy Judge Judith Fitzgerald approved ABB’s request to tap,...
To view the full article, register now.