Mortgage Lenders To Use Cash For Chapter 11

Law360, New York (March 21, 2007, 12:00 AM EDT) -- A bankruptcy court on Tuesday granted Mortgage Lenders Network USA Inc. approval to use cash from its remaining operations to wind down its business in the coming months.

Mortgage Lenders Network filed the request for a DIP loan not long after filing for Chapter 11 bankruptcy protection on Feb. 5 in the U.S. Bankruptcy Court of the District of Delaware. But the request had been met with opposition by the official committee of creditors, who claimed that the three-month liquidation process didn’t need additional monies....
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