$40M Oriental Trading DIP Financing OK'd

Law360, New York (September 20, 2010, 2:44 PM EDT) -- A federal judge on Monday approved $40 million in debtor-in-possession financing for Oriental Trading Co. Inc. after the debtor quelled second-lien lenders' fears that the financing arrangement would lead to the cram-down of a reorganization plan that would leave the junior lenders little, if any, recovery.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware approved the financing upon receiving confirmation of an agreement between Oriental and its prepetition lenders that makes sure changes to a plan support agreement, once reflected...
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