Wells Fargo Sticks Up For $70M Friendly's DIP Loan

Law360, New York (October 31, 2011, 9:57 PM EDT) -- Wells Fargo Capital Finance Inc. fought back Monday against Friendly Ice Cream Corp. creditors' objections to a $70 million debtor-in-possession financing package for the bankrupt restaurant chain, claiming that making any more concessions would put the finance lender’s interests in jeopardy.

In a response to the official committee of unsecured creditors’ omnibus objection to the debtor’s request for an order approving the DIP financing package, Wells Fargo said it “must be covered for the deal-risk that it assumes in connection with the DIP facility and its...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.