White Stallion DIP Lenders Say No To Cash For Ch. 11 Fees

Law360 (January 13, 2021, 5:54 PM EST) -- Lenders providing post-petition financing to Indiana coal producer White Stallion Energy LLC objected Wednesday to the debtor's motion to establish procedures for the payment of its professionals' fees and expenses, telling a Delaware judge that there is no money available at the moment for those payments.

In its limited objection, Riverstone Credit Management LLC said that there is a carveout for fees included in its $12.6 million debtor-in-possession budget but that any other expenses incurred by the debtor or by the official committee of unsecured creditors cannot be paid using the lenders' collateral.

Absent an agreement from the lenders to allow...

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