Judge Approves Hines Nurseries DIP Financing

Law360, New York (October 14, 2010, 7:25 PM EDT) -- A bankruptcy judge approved a batch of first-day motions Thursday in Hines Nurseries LLC’s bankruptcy, including $20 million in debtor-in-possession financing to keep the garden supplier in operation.

Judge Christopher S. Sontchi signed off on the preliminary requests in the U.S. Bankruptcy Court for the District of Delaware, allowing Hines to secure the DIP loan from Black Diamond Capital Management LLC, which owns all of the debtor’s equity and holds a majority of its $70 million in secured debt.

Only $5 million of the DIP facility...
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