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Hollander Ch. 11 Needs Less Restrictive DIP, Judge Says

Law360 (May 21, 2019, 10:16 PM EDT) -- A New York bankruptcy judge rejected Hollander Sleep Products LLC’s initial request to access $118 million in debtor-in-place financing in its Chapter 11 case, saying it would have locked down too many aspects of the case for a first-day motion.

U.S. Bankruptcy Judge Michael Wiles told the pillow and mattress cover maker to come back with a DIP motion without liability releases, a detailed case timetable, provisions barring Hollander from seeking other financing sources, and other restrictions he said were excessive for an interim order.

“I think we need to be a little less all-consuming and all-controlling in our first-day orders,”...

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