Arandell Gets Final Del. Ch. 11 Nod For $12M DIP Borrowing
By Jeff Montgomery (October 9, 2020, 10:23 PM EDT) -- Bankrupt, sale-bound catalog printer Arandell Corp. secured final approval in Delaware on Friday for a $12 million Chapter 11 bankruptcy loan package, while separately winning a court ruling that rejected an unsecured creditor committee bid for a boost in its share of the case budget.
U.S. Bankruptcy Judge John T. Dorsey denied the committee request to hike its proposed set-aside from $350,000 to $600,000 after giving the nod to the debtor-in-possession loan agreements.
The DIP measure included a $7.5 million revolving loan agreement funded by prepetition lenders and administered by CIBC Bank USA, a $4.5 million term loan that largely absorbs...
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