Bowe Bell & Howell Wins $127M DIP Loan In Versa Sale

Law360, New York (April 20, 2011, 4:37 PM EDT) -- Mail-sorting machine maker Bowe Bell & Howell was cleared by a Delaware bankruptcy judge Tuesday to borrow up to $127 million to fund operations while the company prepares to sell itself to Versa Capital Management Inc.

U.S. Bankruptcy Judge Peter J. Walsh approved the debtor-in-possession credit facility, which was provided by a Versa affiliate. BBH, parent company Bowe Systec Inc. and several affiliates filed for Chapter 11 protection Monday citing an inability to refinance its secured debt, which matured in June.

“While the past few years...
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