Bankrupt Chef Solutions Gets Go-Ahead To Borrow $9M

Law360, Wilmington (October 5, 2011, 9:54 PM EDT) -- A Delaware bankruptcy judge on Wednesday cleared Chef Solutions Holdings LLC to borrow $9M to fund operations as the hobbled prepared foods company gears up to sell its assets to a joint venture between a private equity firm and rival Reser’s Fine Foods Inc.

U.S. Bankruptcy Judge Kevin Gross approved two debtor-in-possession loans — which could be worth up to $38 million in final approval — along with a slew of customary first-day motions at the hearing.

Hammered by still-sluggish consumer spending and an untimely equipment...
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