MagnaChip Creditors Blast Cash Collateral Plan

Law360, New York (July 9, 2009, 12:00 AM EDT) -- Creditors of bankrupt electronics maker MagnaChip Semiconductor LLC have objected to the company's motion to approve a cash collateral agreement with its senior lenders, saying the deal is meant to force a swift liquidation for the benefit of lenders.

In an objection filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the official committee of MagnaChip's unsecured creditors said the cash collateral agreement must be denied because it carries exorbitant conditions imposed by the lenders, including a deadline for the sale of its...
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