Theater Chain's Ch. 11 Loan Needs Changes, Del. Judge Rules
Law360, Wilmington (September 17, 2019, 7:46 PM EDT) -- The proposed debtor-in-possession financing package in the Chapter 11 case of luxury theater operator iPic Entertainment needs to be reworked after a Delaware judge ruled Tuesday that previously unencumbered assets of the debtor can be subject to new liens on a limited basis.
During a hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber Silverstein said DIP lenders the Retirement Systems of Alabama would have to first look to already encumbered assets when recovering on its $16 million in post-petition lending, and then could look to the unencumbered assets once the original assets were depleted.
The caveat to the ruling was that...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!