Orchids Paper To Tap $4M Of Ch. 11 Loan To Pursue Sale
Law360, Wilmington (April 3, 2019, 2:30 PM EDT) -- Bankrupt tissue product maker Orchids Paper Products Co. received court approval Wednesday in Delaware to access $4 million of an $11 million post-petition loan being provided by its secured lender as it pursues a Chapter 11 sale process.
During a hearing in Wilmington, debtor attorney Jerry L. Switzer Jr. of Polsinelli PC told the court the interim debtor-in-possession financing was necessary to keep the company operating while it navigate through the bankruptcy process with an eye toward selling to its prepetition secured lender.
That lender, Orchids Investment LLC, acquired Orchids' secured debt facilities in December, including a $215 million senior package...
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