RG Steel Scores Critical $18M DIP Package

Law360, Wilmington (June 1, 2012, 8:19 PM EDT) -- A Delaware bankruptcy judge on Friday approved $18 million in interim debtor-in-possession financing and other first-day motions for beleaguered RG Steel LLC, providing working capital without which the steelmaker said it could not have continued operations past the end of the day.

The debtor-in-possession package approved by U.S. Bankruptcy Judge Kevin J. Carey on an interim basis will eventually provide upward of $50 million and is intended to maintain the company as a going concern while it pursues a sale.

The final package institutes a number...
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