Creditor Groups Oppose Werner Breakup Fee

Law360, New York (March 2, 2007, 12:00 AM EST) -- A group of second-lien lenders that are leading the hunt to buy Werner Co. has asked a bankruptcy court to reject the ladder maker's request to provide a breakup fee in connection with the auction, calling the move unnecessary.

On Thursday, the lenders argued that Werner does not need to offer a breakup fee if their group is chosen to serve as the lead bidder or stalking-horse at auction.

The second-lien lenders currently lead the potential bidders with a $261.75 million offer for the company, submitted...
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