DeCode's DIP Agreement With Saga Approved

Law360, New York (December 14, 2009, 7:01 PM EST) -- A bankruptcy judge has approved deCode Genetics Inc.'s $11 million debtor-in-possession financing agreement with stalking horse bidder Saga Investments LLC over the objections of unsecured creditors who said the agreement was self-serving and attempted to block them from involvement.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware on Friday approved deCode's motion for final authorization of its DIP financing agreement, set the auction date for Jan. 12 and scheduled a sale hearing on Jan. 14.

In a Dec. 8 objection,...
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