Bankrupt American Razor Gets $25M Financing Deal

Law360, New York (August 5, 2010, 12:54 PM EDT) -- American Safety Razor Co. has won interim approval for a passel of first-day motions in its nascent Chapter 11 proceeding, including authorization to acquire up to $25 million in post-petition financing.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware signed off on the first-day motions following a July 30 hearing.

American Safety Razor had argued that absent the financing deal, its businesses, properties and estates would be irreparably harmed, according to court papers filed by Andrew Kassner of Drinker Biddle &...
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