Broadview Granted 1st-Day Motions, $25M DIP Loan

Law360, New York (August 23, 2012, 9:31 PM EDT) -- A New York bankruptcy judge on Thursday approved Broadview Networks Holdings Inc.'s first-day requests in its Chapter 11 case, including a $25 million debtor-in-possession facility provided by The CIT Group/Business Credit Inc. and a restriction on claims trading, strictly on an interim basis.

U.S. Bankruptcy Judge Shelley C. Chapman approved the motions filed by the Internet and data provider and its 27 affiliates in the case, which filed for bankruptcy protection late Wednesday with a prepackaged restructuring plan that will eliminate half of the company's secured...
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