Renovate America's Ch. 11 Loan Gets Nod After Lender Deal

Law360 (January 27, 2021, 6:11 PM EST) -- A lender providing $50 million in post-petition financing to home improvement lender Renovate America Inc. made concessions Wednesday that resolved an objection to the loan package made by the official committee of unsecured creditors.

During a virtual hearing, attorneys representing lender and stalking horse bidder Finance of America Mortgage LLC said it would alter the terms of its financing agreement by eliminating liens on avoidance actions as part of the debtor-in-possession loan's collateral package, and would only acquire causes of action against directors and officers it intended to hire in the event its acquisition of the debtor is approved by the...

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