Judge Sets Interim Spending Plan For Pappas

Law360, New York (August 14, 2008, 12:00 AM EDT) -- A federal bankruptcy judge on Wednesday issued an interim order directing cash expenditures by Pappas Telecasting Inc., including collateral from a bridge loan provided to the television broadcaster by Fortress Capital Corp.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware set a weekly budget for PTI based on estimated income and expenditures and agreed to by the television broadcaster, Fortress and the creditors committee.

PTI will not be allowed to spend above the established budget for any line item, the...
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