$138M In DIP Financing OK'd For Envelope Maker NEC

Law360, New York (June 14, 2010, 2:01 PM EDT) -- Bankrupt envelope manufacturer NEC Holdings Corp. has won court approval to execute a $138 million debtor-in-possession financing arrangement.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware on Friday authorized the company to obtain up to $138,955,324 in DIP financing from General Electric Capital Corp. on an interim basis.

According to Judge Walsh's order, the funds will serve as ongoing working capital for the debtors and can be used to pay certain costs and fees in the administration of the bankruptcy....
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