Judge Approves $55M DIP Loan For Constar

Law360, New York (February 1, 2011, 7:15 PM EST) -- A bankruptcy judge on Tuesday approved up to $55 million of debtor-in-possession financing for plastic bottle maker Constar International Inc., along with a preliminary commitment on a $60 million loan to fund the company’s operations after exiting Chapter 11.

Judge Christopher S. Sontchi signed off on the motions at a hearing in the U.S. Bankruptcy Court for the District of Delaware, moving the Philadelphia-based company toward an April 6 proceeding to confirm its prepackaged reorganization plan.

The plan has already received support from more than 75...
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