Judge Approves Marcal's DIP Financing

Law360, New York (January 3, 2007, 12:00 AM EST) -- Despite objections from creditors, a federal judge Wednesday gave Marcal Paper Mills Inc. permission to tap $84.5 million in debtor-in-possession financing.

An order in the case had not been entered yet, but Marcal attorney Michael D. Sirota with Cole, Schotz, Meisel, Forman & Leonard PA said Thursday that there were no substantive changes made to the request for the DIP financing from Highland Financial Corp.

Creditors, including Wachovia Bank, General Electric Capital Corp. and the LaSalle National Leasing Corp., had filed motions this week in the...
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