Law360, New York (February 07, 2008, 12:00 AM ET) -- A bankruptcy judge has approved a $30.25 million debtor-in-possession loan for Plastech Engineered Products Inc., allowing the bankrupt automotive parts supplier to fund its business in Chapter 11 for the time being.
On Wednesday, Judge Phillip J. Shefferly of the U.S. Bankruptcy Court granted Plastech’s interim request for DIP funding, which will be provided by a group of the company’s prepetition lenders, with Bank of America NA serving as collateral and administrative agent.
“An immediate and ongoing need exists for debtors to obtain financing to continue...
Plastech Gets OK To Draw From $30M DIP Loan
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