Jackson Hewitt Cleared To Use Lenders' Cash Collateral
The company filed for Chapter 11 protection on Tuesday with a plan in hand to restructure more than $350 million in debt and transfer ownership to bank lenders, including Bayside Capital Inc. and Republic Bank & Trust Co.
The banks are “vastly underwater,” according to Jackson Hewitt attorney Mark McDermott of Skadden Arps Slate Meagher & Flom LLP, with...
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