Judge OKs $1.3M DIP Loan For Air America

Law360, New York (February 2, 2007, 12:00 AM EST) -- A New York bankruptcy judge has signed off on an additional $1.3 million in financing for Air America Radio in a deal in which the liberal radio will have to sell off assets worth at least as much as the borrowing amount.

Judge Robert D. Drain of the U.S. Bankruptcy Court in the Southern District of New York greenlighted the deal, which is part of the $3.3 million the firm is eligible for under its debtor-in-possession loan.

Air America Radio, which lost $41 million and went...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.