Judge Approves $3.2M Loan For Bankrupt Jancor

Law360, New York (November 4, 2008, 12:00 AM EST) -- A bankruptcy court has permitted construction-product conglomerate Jancor Cos. Inc. to borrow about $3.2 million to pay back wages for laid-off workers and to help keep the company together until it can find buyers for its business lines.

On Monday, Judge Mary F. Walrath issued orders approving the use of debtor-in-possession financing extended by secured creditors PNC Bank and Fifth Third Bank, as well as other motions intended to aid in the failed company’s liquidation efforts.

Jancor, a conglomerate of about a dozen businesses related to...
To view the full article, register now.