Hotel Employment Co. Gets Interim Nod For $7M DIP Loan
By Jamie Santo
Law360, Wilmington (October 25, 2013, 6:36 PM ET) -- A Delaware bankruptcy judge gave interim approval Friday to Hospitality Staffing Solutions Group LLC's $7 million debtor-in-possession loan, during a slate of first-day motions designed to keep the company running as it pursues a sale to private equity firm Littlejohn & Co. LLC.
At a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon blessed the DIP loan, which makes $3.5 million available on an interim basis, as well as the company's use of cash collateral.
“I'm prepared to approve the financing,” Judge Shannon said, noting...